Ziraat Bank ditches US dollar in Azerbaijan-Turkey trade

Business Materials 29 April 2017 15:57 (UTC +04:00)

Baku, Azerbaijan, Apr. 29

By Azad Hasanli – Trend:

Ziraat Bank Azerbaijan OJSC refused to use the US dollar when financing trade operations between Azerbaijan and Turkey, Chairman of the bank’s Board Avni Demirci said.

He made the remarks in an interview with the ‘Is Dunyamiz’ magazine established by the Businessmen and Industrialists of Turkey and Azerbaijan (TUIB) public association.

“We don’t use any third currency when financing trade operations conducted in Turkish lira or Azerbaijani manats,” Demirci said.

Noting that the governments of Azerbaijan and Turkey are negotiating to switch to settlements in national currency, Demirci said that it is not worth waiting for the government to do everything, and entrepreneurs need to take the necessary steps themselves.

In late 2014, Turkey’s Ziraat Bankasi obtained a license from Azerbaijan’s Central Bank to conduct banking activities through its subsidiary Ziraat Bank Azerbaijan OJSC. The bank began its activity in July 2015.

Ziraat Bank Azerbaijan's shareholders are: T.C. Ziraat Bankasi (99.98 percent), Ziraat Insurance (0.1 percent) and Ziraat Securities (0.1 percent).