Initiative on Caucasus Universal Stock Exchange to be Implemented Gradually
Azerbaijan, Baku / Trend corr I. Khalilova / Georgia has expressed a large interest in establishing the Caucasus Universal Exchange initiated by the Manager of the Baku Inter-Bank Currency Exchange (BBVB), Farhad Amirbayov, at the 2nd Caucasus conference of 'Banks and Investments' in Tbilisi.
According to Amirbayov, he met with the Administration of Georgian Stock Exchange and Tbilisi Inter-Bank Currency Exchange.
"I appealed to the bank community of the two countries and said that the idea should first of all be discussed in the banking and finance circles of Azerbaijan and Georgia," Amirbayov said. According to the head of the BBVB, the integration should be implemented in several stages. In his opinion, the Caucasus Universal Exchange will be able to provide for the mutual conversion of the manat and lari.
"That will enable the banks to provide services for foreign trade and the flow of capital between Azerbaijan and Georgia with higher quality and lower expenditures," Amirbayov noted.
He considers it expedient to put in operation the commodity section at the second stage and the common stock market of the two countries at the third stage.
According to Amirbayov, the economies of the two countries are integrating very rapidly, which is proved by access to Azerbaijani capital, as well as the investments of the State Oil Company of Azerbaijan Republic (SOCAR), into Georgia.