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Baku Stock Exchange to join AZIPS

Baku Stock Exchange to join AZIPS

13 November 2009 16:30 (UTC +04:00)

Baku. Nijat Mustafayev - APA-ECONOMICS. Baku Stock Exchange will complete the integration into Azerbaijan Interbank Payment System (AZIPS) next year, said Rufat Aslanli, Chairman of the State Committee on Securities.

According to him, currently the central bank and the BSE are working on the integration.

"Perhaps, the process will be completed by mid-2010. The parties are negotiating to combine software structures to streamline workflow,â€ he added.

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 Central Bank and are available only for transactions denominated in the local currency, the new manat (AZN)

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