Azerbaijani Central Bank to expand list of foreign managers from international financial institutions
Azerbaijan, Baku, October 3/Trend, A. Akhundov/
The Azerbaijani Central Bnk (CBA) intends to expand cooperation with specialized international financial institutions in the management of its currency reserves, the CBA told Trend on Thursday.
"Currency reserves of the Central Bank, are controlled by safety principles, liquidity and profitability. Currently, under the conditions, when there is still uncertainty in the global economy, the CBA prefers conservative policies when controlling currency reserves. One of the ways to improve the efficiency of management is cooperation with foreign managers, " the CBA said.
Currently, nearly 5 per cent of currency reserves are under the control of foreign managers, the Central Bank said.
The CBA managers are the Treasury Department of the World Bank, Swiss UBS bank and American JP Morgan.
"They are experienced companies, demonstrating good performance. The Central Bank plans to expand cooperation with specialized international financial institutions in the short-term," the Central Bank said.
The currency reserves of the CBA increased by 11 per cent compared to 2012 and hit $13 billion.