NBA can place $100m at disposal of WB

Business Materials 17 March 2006 20:11 (UTC +04:00)

The National Bank of Azerbaijan (NBA) holds negotiations with the exchequer of the World Bank (WB) on placement of a part of the exchange reserves at the WBs disposal, Trend reports quoting Elman Rustamov, the head of NBA. He said that discussing reserves could comprise $100m. According to Rustamov, the negotiations also concern implementation of wide program on rendering of technical assistance and holding of trainings. The agreement may be signed in 2006.

It should be mentioned that at present a part of the NBAs assets was managed by UBS, ABN Amro, GP Morgan. Every organization has per $50m from the $1bn total reserve of the bank.

Rustamov reported that they gained around $30m as a result of placement of exchange reserves. He stressed though NBA managed reserves better than these managers, the bank was not going to reconsider agreements with UBS, ABN Amro and GP Morgan. Similar processes require serious approach. We consider the issue long time, he stated.

Besides, he stressed that in 2006 incomes from management of the reserves of NBA and State Found was forecasted in the amount of $100m, or 66% more as compared 2005.