National Bank of Azerbaijan Selects Extra Foreign Managers for Currency Reserves Management
Azerbaijan, Baku / Trend corr I. Khalilova / The National Bank of Azerbaijan (NBA) is considering the opportunity to expand on the list of foreign managers for NBA's currency reserves management, the President of the NBA, Elman Rustamov , reported on the 8th of June.
"I believe $200mln more can be transferred for foreign management. It would be efficient to increase the portfolio up to $0.5bln, and the number of managers up to five," Rustamov said.
According to Rustamov , NBA receives plenty of proposals from foreign companies.
At present $270mln are managed by the Treasuries of the Worlds Bank, Swiss UBS bank, and US JP Morgan. "NBA cancelled the contract with Dutch ABN Amro bank due to inefficient management and transferred the funds to UBS," Rustamov said.
World Bank manages $110mln, UBS $55mln, and ABN Amro managed $55mln.