List of market-maker banks at currency exchange expands

Business Materials 6 January 2006 14:29 (UTC +04:00)

The Baku Interbank Currency Exchange (BICE) plans to conclude a framework agreement with two more banks on reception of market-maker status, BICE told Trend. 9 big banks of the country Standard, Nikoilbank, Respublika Bank, Kapitalbank, Azergasbank, Azerdemiryolbank, Atabank, Bank of Baku and UniBank joined the agreement in mid-December. The International Bank of Azerbaijan (IBA) is supposed to be included to the list of newly joined banks.

Under the agreement, market-maker banks undertake to present regular applications on two currencies and 9 budgetary instruments. Instead of it they will be able to carry out clearing through the national payment system. It will allow them to save funds, as through national AZIPS payment system banks are due to pay depend on sum.

Interest rates of market-makers will enter the calculation of the indicator of BakIBOR, which is calculated on the base of the applications of 16 ruling commercial banks of Azerbaijan. Big banks will be able to make a deal with small banks because of daily applications. Besides, BICE analyses balances of 26 banks and calculates limit.