OREANDA-NEWS. December 05, 2011. The Azerbaijani interbank foreign exchange market integrated to the Bloomberg international trade system in July, 2011, the goal of which is to launch a progressive platform to further develop this segment. 24 out of 44 operational banks in Azerbaijan register all forex operations with Bloomberg as a result of the interface, reported the press-centre of CBA.

It makes 71% of total forex operations. Volunteer transition of banks to the new trade system enables the system participants track the dynamics of AZN/USD exchange rates, volume of trade operations, average weighted exchange rate and forex supply and demand in real time.

To note, the scale of operations in the Baku Interbank Currency Exchange constitutes 8%. The new trade platform has ensured transparency of major currency transactions that used to be made via phones.

The banks-participants are currently capable to receive a written approval with respect to a transaction generated by the system, as well as fully automate accounting and reporting on the transaction, which, in its turn, will subside operational risk through increasing efficiency of bank operations.