![Buta Sigorta - Party in E-trading System](https://turan.az/resized/./turan-750-500-resize.webp)
Buta Sigorta - Party in E-trading System
Baku Interbank Currency Exchange (BBVB) and the insurance company Buta Sigorta in Baku on Monday signed an agreement on the participation of insurance companies in the money market "MONEY-MARKET" Bourse E-System of Trades (BEST). The agreement was signed by head of BBVB Farhad Amirbekov and Chairman of Buta Sigorta Abbas Babayev.
According to the contract, the insurance company is able to exit the wholesale money market bank as an equal participant with the banks. BBVB provide new participant access to the trading system BEST, and will also provide settlement and information services.
Transactions and balances in the segment of the money market are carried out on the basis of the "Provisional Regulations of operations to attract and placement of funds in the BEST", "Rules of the organization of trading and settlement in the BEST", "Provisional Regulations of settlement of credit and deposit transactions concluded in the trading session BBVB in the credit section of organized money market "and" Specifications financial instruments MONEY-MARKET ".
As said at the signing ceremony, Managing BBVB Farhad Amirbekov, Buta Sigorta is the second insurance company after Ateshgah, which signed a similar contract. Thus, the Azerbaijani financial market is going through a new stage of development, when the wholesale money market is a new sector of the economy.
"Insurance companies are the main suppliers of liquidity for Azerbaijani banks and, no doubt, will strengthen its deposit base. In turn, the insurance companies are able to quickly and at the best rates available cash to place, while having a whole range of offers from all Azerbaijani banks," said Amirbekov.
Insurance company Buta Sigorta (earlier - Thames Insurance Group) with a paid charter capital of AZN 7.3 million has been operating in the insurance market since 1996.
This structure is owned by six shareholders - Qafqaz Leasing, Baku Electronics, Bank of Baku, Baku Service Company, Auto Azerbaijan, each of which belongs to 19% of the shares, as well as their parent organization NAB Holding with 5% of the share capital.
The company provides services for the nominally 17 types of voluntary and 3 types of compulsory insurance. - 17D-
Economics
-
On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
-
Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
-
Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
-
Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
Leave a review