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Friday, 14 May 2021 08:23 GMT

Azerbaijani banks showing great interest in attracting funds via swap method


(MENAFN - Trend News Agency) BAKU, Azerbaijan, April 14

By Zeyni Jafarov - Trend:

The Azerbaijani commercial banks are interested in attracting funds and are establishing cooperation in this sphere with international financial institutions, President of the Azerbaijan Banks Association (ABA) Zakir Nuriyev said.

Nuriyev made the remark at the online event "The Role of Financial Institutions in the Development of the Digital Ecosystem", Trend reports on April 14.

'The activity in this sphere has slowed down due to the devaluation and the coronavirus pandemic,' the president of the Azerbaijan Banks Association added. "However, today the work in this sphere has intensified again."

The president of the Azerbaijan Banks Association stressed that there is a model of raising funds in national currency via the swap method in Azerbaijan today, in which local banks are showing great interest.

"There is an agreement between the Central Bank of Azerbaijan and the European Bank for Reconstruction and Development (EBRD) to conduct swap operations,' Nuriyev said. 'The Asian Development Bank (ADB) is also closely following this process and this sphere is likely to continue to develop this year."

The EBRD and the CBA signed an agreement in 2020 to conduct swap transactions worth $200 million to support the access of the real sector of Azerbaijan's economy to sustainable financial resources amid the coronavirus pandemic.

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