ArmInfo.The Central Bank of the Republic of Armenia joined the settlement infrastructure of the Eurasian Development Bank (EDB) and opened a correspondent account. This was reported by the press service of the Eurasian Development Bank.
"Opening an account by a central or national bank in a multilateral development institution is a rather rare precedent for this sphere, which confirms the high level of trust and demand for our system. The use of the EDB settlement system will allow the main financial institution of the Republic of Armenia to make payments in the national currencies of Armenia, Belarus, Kazakhstan, Access to the payment infrastructure of the EDB increases the security of transactions through national payment systems, minimizes the number of intermediary banks, and reduces transaction costs, "said Nikolay Podguzov, Chairman of the EDB Board. In general, the use of the EDB settlement system contributes to the integration of the national payment infrastructure of Armenia with the payment infrastructure of other EAEU member countries. The EDB is a member of the national payment systems of Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and has correspondent accounts with the central banks of all member rcountries, has direct access to foreign exchange trading on local exchanges, and acts as a market maker for currency pairs of national currencies. In 2020, the Bank was certified according to the international standard ISO 27001: 2013, thus confirming that the information security management system at the EDB applies to settlement and clearing services.
The settlement system created by the Bank is successfully functioning taking into account the peculiarities of the national payment systems of the participating countries. Currently, in addition to the Central Bank of the Republic of Armenia, users of the EDB payment infrastructure are 66 participants from all 6 member states of the Bank, including commercial banks, exchanges, and depositories of the EAEU countries. The Eurasian Development Bank (EDB) is an international financial organization that promotes the integration and development of the participating countries: Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia and Tajikistan. The authorized capital of the EDB is US $ 7 billion. The bank was established in January 2006 by Russia and Kazakhstan, with headquarters in Almaty. The main share in the EDB's portfolio is occupied by projects with an integration effect in the areas of transport infrastructure, energy, chemical and mining industries, and mechanical engineering.
