Azerbaijan discusses launch of open market tools

By Azernews

By Ayya Lmahamad

Azerbaijan’s Central Bank (CBA) and commercial banks have discussed the launch of open market tools, CBA’s Board Chairman Taleh Kazimov said, Azernews reports.

During the meeting with the heads of the banks, extensive discussions were held on presentations on the new operating system, the activation of the interbank money market, the launch of open market tools and permanent opportunities as well as other issues related to this.

“Moreover, as part of our participation in the annual meetings of the World Bank and IMF on October 12-17, there was an exchange of views on the results of meetings held to ensure diversification towards the development of interbank relations and the opening of correspondent accounts,” Taleh Kazimov tweeted.

The National Bank of Azerbaijan was formed on February 11, 1992, by presidential order, and was renamed the Central Bank of Azerbaijan on March 18, 2009. The Central Bank's principal purpose is to preserve price stability within its legal authority, to arrange and ensure the operation of centralized interbank and other unregulated payment systems, and to support the stability of the banking system.