The EDB opens a correspondent account for payments in the Armenian dram

25 June 2018

Almaty, 25 June 2018. The Eurasian Development Bank (EDB) opened a correspondent account for settlements in the Armenian dram with the Central Bank of the Republic of Armenia.

“The access to transactions in the Armenian dram will help the Bank to enhance its operations in Armenia’s domestic financial market. The Bank has already had successful experience in working with domestic government securities in the Armenian dram. Last year, it took part in the initial offerings by the Ministry of Finance of Armenia,” Dmitry Ladikov-Roev, Managing Director for Assets and Liabilities at the EDB, comments. “The Bank is also negotiating access to stock exchange transactions with Nasdaq OMХ Armenia, a local stock exchange.”

The Bank has correspondent accounts and arranges payments in the tenge and Russian roubles through the National Bank of the Republic of Kazakhstan and the Central Bank of the Russian Federation, respectively. In May 2018, it opened a correspondent account in the Belarusian roubles with the National Bank of the Republic of Belarus. The EDB is also a member of the Kazakhstan Stock Exchange and Moscow Exchange. The Bank provides market making services for the RUB/KZT pair at both trading floors to promote the integration of the two countries’ foreign exchange markets.

This year, the EDB plans to open correspondent accounts with the National Bank of the Kyrgyz Republic and the National Bank of Tajikistan and obtain access to transactions in the som and somoni at the local stock exchanges.

Additional Information:

The Eurasian Development Bank (EDB) is an international financial institution founded by Russia and Kazakhstan in January 2006 with the mission to facilitate the development of market economies, sustainable economic growth, and the expansion of mutual trade and other economic ties in its member states. The EDB's charter capital totals US $7 billion. The member states of the Bank are the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan.

The EDB Media Centre:

Alexander Savelyev +7 (985) 765 23 59 (Moscow)                                         

Azima Sapargaliyeva +7 (777) 750 00 08 (Almaty)

Sergey Gorbachev +7 (916) 727 22 00 (Moscow)                                 

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