IBA-Eximbank deal opens new opportunities for exporters of Russia, Azerbaijan
By Gulgiz Dadashova
The International Bank of Azerbaijan, the major state-owned bank
holding at least 40 percent of all bank assets in the country, has
signed an agreement on cooperation with Russia’s Eximbank on the
sidelines of the 7th International Banking Conference.
The document was undersigned by IBA Chairman of Board Jahangir
Hajiyev and Chairman of Board of Eximbank of Russia Dmitry
Golovanov.
Golovanov, commenting on the signed document, said one of the key
positions of this agreement is the opportunity of using the
national currencies in joint work.
“The foreign trade calculations in rubles and manats, particularly
in the current circumstances, will positively affect the
development of the trade-economic and political relations between
Azerbaijan and Russia. Of course, this will reduce the currency and
political risks for banks and exporters while conducting the export
operations from Russia to Azerbaijan and from Azerbaijan to
Russia.”
He noted this agreement opened up new opportunities for exporters
of Russia and Azerbaijan, adding this would be easier for them to
enter the markets of both countries.
Russia is the main trade partner of Azerbaijan in the CIS area.
It also ranks first among the countries importing from Azerbaijan.
The trade turnover between the two countries amounted to $3.6
billion in 2013, and this figure stood at $2.2 billion in
January-July, 2014.
Currently, there are 570 companies with Russian capital in
Azerbaijan. Russia has recently invested $628.4 million in
Azerbaijan's fixed capital. But Azerbaijan's investment in the
Russian economy for 10 years amounted to nearly $1 billion.
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