NBA passes currency reserves to WB's disposal

Business Materials 13 June 2006 14:30 (UTC +04:00)

National Bank of Azerbaijan completed passing a part of currency reserves to the treasury of the World Bank. Trend reports NBA chairman Elman Rustamov stating the total amount of portfolio equal $100mln for a 3-year period. Taking these funds into account, NBAs total currency reserve portfolio amounts $250mln.

В"The term of the first stage of collaboration with three managers that have $150mln portfolio is about to complete and their work is being estimated. Apparently, list of mangers will be revised based on this estimationВ", - Rustamov said.

Externally managed portfolio today totals up to 20-25% from the total amount of currency reserves, which is quite normal. В"The project for collaboration with the WB is very successful as it provides for significant technical assistance. Upon revising this program, the portfolio may get extended. However, I think 25-30% quotas may be keptВ", - he indicated.

By the end of 2006 NBA plans bringing currency reserves to $1.5bn.

By his words, in the first half of 2006 the countrys currency market amounted $3bn. В"This is quite a significant growth as the speech goes of $6-7bn turnoverВ", - he said..

NBAs participation in the currency market amounted $60mln, that is 5% from the total volume of the market.