Central Bank creates Bank Guarantees Register and integrates into Single Electronic Portal of Public Procurement

18-01-2023

18 January 2023, Baku: The Central Bank of the Republic of Azerbaijan constantly keeps focus on measures aimed at expanding accessibility of services in financial markets, as well as increasing the effectiveness and efficiency of activities by integrating such services into state information systems.

In order to ensure the implementation of Paragraph 1.6 of Decree No. 454 of the President of the Republic of Azerbaijan dated 28 December 2018, the Cabinet of Ministers of the Republic of Azerbaijan by its Resolution No. 38 dated 29 January 2022 approved the “Limits of Integration of Electronic Information Resources (Databases, Information Retrieval Systems, Registers and Other Information Resources) into Single e-Portal of Public Procurement”. In this connection, the Central Bank has created a centralized register of bank guarantees (Register) and ensured real-time transfer of bank guarantees issued by commercial banks on public procurement to the Register.

At the same time, in order to implement the relevant Resolution, the Register has been integrated into the Single e-Portal of Public Procurement (https://etender.gov.az) through the Electronic Government Information System as part of the cooperation between the Central Bank and the State Service for Antimonopoly and Consumer Market Control under the Ministry of Economy and made available to entrepreneurs participating in tenders. In addition, individuals and legal entities acting as bidders in electronic procurement held on the Single e-Portal of Public Procurement can obtain relevant bank guarantees from the Register in real-time through the portal and submit them directly to the purchasing organization.

The Central Bank continues its activities in the direction of facilitating access to financial instruments of business entities in the country and expanding the scope of electronic financial services by digitizing financial and banking services.