Talks on Azerbaijani NBCO’s access to money-market to be launched soon
Baku Inter-bank Currency Exchange (BBVB) will start negotiations with Non-Bank Credit Organizations (NBCOs) in autumn 2013 with the purpose of their participation in Money-Market of the Online Foreign Exchange Trading System (BEST), BBVB head Farhad Amirbeyov told Trend.
NBCOs will comprise the third category of BEST users (after banks and insurance companies).
In this regard, the BBVB jointly with the Azerbaijan Micro-Finance Association held a meeting with the representatives of non-bank credit organizations, where they were informed about the capabilities of the BEST system.
"I think that the non-bank credit organizations can become full participants of the money-market, that is, work both as borrowers and creditors. Like banks, the NBCOs are also regulated by the Central Bank of Azerbaijan, and they implement the same plan of accounts, that is, they are transparent for commercial banks. This will be the third class of institutional users of BEST. We will start working with them in autumn. Then the terms for their connection to the system and becoming its direct participant will be known," Amirbeyov said.
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