The main goal of the Central Bank of Azerbaijan (CBA) is to create a secured and unsecured market between banks, CBA Chairman Taleh Kazimov said at the press conference, Report informs.
He noted that activity was observed both in terms of number and volume:
“For us, the main indicator is not volume and turnover, but the most important indicator is the impact of our interest rate decisions on that interbank market. In January, unsecured one-day deals between banks increased by 0.8% compared to December.”
Taleh Kazimov noted that the organized interbank foreign exchange market (platform) has been operating in Azerbaijan since January 9, 2023.
He noted that banks can sell and buy currency to each other in this market:
“With the help of this platform, a bank with a foreign exchange deficit can cover its deficit and a bank with a surplus can sell it.”