Finance

Home page

Finance

BPCS transactions reach 423 000 in Azerbaijan

01 May 2009 15:04 (UTC +04:00)

Baku. Vugar Israfilov â€“ APA-ECONOMICS. 39 000 transactions of AZN 386 million were carried out through the Bulk Clearing Settlement System (BCSS) in March, said the Central Bank of Azerbaijan.

The figure is an 11.24% rise on a month ago.
BCSS totaled AZN 1 267 million for the first quarter, up 51.01% on the same period last year.

The number of transactions increased to 423 000 for the first time in March, increasing the number of transactions in January-march to 1 267.
The average transaction dropped to AZN 900 in March from AZN 2 700 a year ago.

There are two major payment systems in Azerbaijan: the Azerbaijan Interbank Payment System (AZIPS) for large value and high priority payments, and the Bulk Clearing Settlement System (BCSS) for low value payments. Both are operated by the NBA and are available only for transactions denominated in the local currency, the new manat (AZN)
Batch processing is the main feature of the BCSS.