Azerbaijan, Baku, April 30 / Trend, A. Akhundov /
The Central Bank of Azerbaijan (CBA) has completed work on the creation of the Cash Management System (CMS), an article by the chairman of the Central Bank Elman Rustamov, published in the Magazine of the Azerbaijani Banks Association "Banks and business" says.
The system provides for the establishment of a centralized information network with coverage in real-time cash transactions of the Central Bank as well as between the banking sector and the Central Bank, and the creation of a centralized information network and database required for decision-making regarding cash management.
Introduction of this system will contribute to the strengthening the mechanisms of the CBA's control over the storage, transportation, processing, delivery, removal and destruction of banknotes as well as flexible management of potential risks.
Last May, the Central Bank has named the PEC N.V. Company the winner of the tender for the creation of the system.