Azsigorta Another Party in Money Market

Baku Interbank Currency Exchange (BBVB) and the insurance company JSC "Azsigorta" signed an agreement on the participation of insurance companies in the money market "Money-Market" Bourse E- System of Trades (BEST). Agreement signed by the head BBVB Farhad Amirbayov and CEO Azsigorta Anar Talybov.

According to the contract, the insurance company is able Azsigorta enter the wholesale money market bank as an equal participant with the banks . BBVB provide new party access to the trading system BEST, and will also provide settlement and information services.

Transactions and balances in money market segment are carried out based on the " Provisional Regulations of operations to attract placement of funds in the system BEST", " Rules of the organization of trading and settlement system in the BEST", " Rules of the temporary settlement on credit and deposit transactions concluded in the trading session in the credit section BBVB organized money market " and " Specifications financial instruments money-Market ".

Azsigorta became the fifth company after Ateshgah Sigorta, Buta S?gorta, Ata Sigorta and AzRe, which signed an agreement on the participation of insurance companies in the money market "Money-Market" Bourse E- System of Trades (BEST).

Azsigorta has been operating in the insurance market since 2006. Coming state registration with an authorized capital of 1 000 000, the insurance company Azsigorta to 2012 increased its share capital to 20.3 million manat . The company has a network of branches and representative offices in different regions of Azerbaijan.

Baku Interbank Currency Exchange was established June 21, 1993 as a closed joint stock company ( JSC ) . Its shares were distributed equally among the five shareholders - Central Bank of Azerbaijan (CBA) , the International Bank of Azerbaijan (IBA ) , Industrial Investment Bank, Agricultural Bank, Savings Bank .

After the unification of the last three in the number of shareholders of the Exchange today includes CBA, IBA and Capital Bank, as well as non-bank credit organization Agrarkredit.

Electronic trading system (Bourse E-system of Trades) is a system built on the principle of universality in the provision of exchange services , and today is a modern platform for the integrated management of foreign exchange risk and short-term liquidity of banks. BEST allows the Azerbaijani banks not only to conduct transactions in foreign currencies, but also to the active drawing and placing on the inter-bank credit market . -17D -

 

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