Azerbaijan, Baku, April 14 / Trend N. Ismayilova /
Transferring Azerbaijani banks' currency operations to the Bloomberg platform is a step toward bringing the country's foreign exchange market infrastructure in line with modern standards, Deputy Chairman of the Central Bank of Azerbaijan (CBA) Aftandil Babayev told media.
"Conducting operations through the platform will allow us to monitor the situation on global markets, as well as to change the rate online," he said.
He said the transition will be implemented in a few months.
"The banks are working in this adaption mode now," he said. "Contracts will soon be concluded."
He said the transfer will not affect the Baku Interbank Currency Exchange (BBVB).
"The CBA supports an organized money market," he said. "Of course, transferring the currency transactions to Bloomberg will create a new competitive sphere. The BBVB will try to provide new services and products. But one cannot say there will not be any need for this structure."