Azerbaijan, Baku / Trend corr.I.Khalilova / Aftandil Babayev, the Deputy Chairman of Management of the National Bank of Azerbaijan (NBA), stated on 10 August that the NBA expects to expand the list of foreign managers for management of its official exchange reserve by the end of 2007. Presently, the treasury of the World Bank, within the framework of a three-year program of consultations and management of reserves, is providing technical assistance to increase the potential of the NBA's assets. "We work in two directions, hold meetings and assists foreign managers, as well as try to increase the potential of operations regarding the NBA's securities in the world market," Babayev said.
Elman Rustamov, the head of the NBA, stated that some $200mln would be allocated for foreign management. Presently, $270mln has been allocated for three managers, the Treasury of World Bank, Switzerland Bank of UBS, and the American JP Morgan. The NBA dissolved an agreement with ABN Amro and transferred its budget from this bank to UBS.