EBRD to use services of Basisbank to access BMatch in Georgia
• EBRD starts using services of Basisbankto access Bloomberg’s BMatchplatform
• It is the Bank’s first US dollar/Georgian lari foreign exchange spot transaction on BMatch
• Platform is available for financial institutions, corporates and individuals
The EBRD has executed its first US dollar and Georgian lari foreign exchange spot transaction on Bloomberg’s BMatch platform using Basisbank’s web-based services. It follows successful negotiations between the EBRD and Basisbank on the terms of the agreement.
BMatch, Bloomberg’s electronic platform for trading foreign currency, was introduced in Georgia at the discretion of the National Bank of Georgia in 2020. Basisbank was among the first banks in the Georgian market to make the platform available to its clients. Logging on to Basisbank’s internet banking services, clients can place orders on BMatch to buy or sell US dollars in exchange for Georgian lari.
BMatch processes transactions in lari and US dollars with a minimum amount of US$ 100,000. Activating the product is free of charge and it is available for both individuals and legal entities.
“We are indeed pleased to have the EBRD, an important international financial institution, interested in our service,” explains Giorgi Makatsaria, Head of Basisbank’s Treasury Department. “We spared no effort in offering this valued partner of ours a Basisbank service tailored to its requirements, and the opening transaction was successful.
He added: “The EBRD’s involvement in this market is very important, and is expected to support liquidity and attract other market players to the BMatch platform. As a general remark, we offer our clients a number of innovative products and services and, quite often, we are the first in the market to introduce these.”
Gursu Keles, Associate Director, Portfolio Management EMEA in the EBRD Treasury team, commented: “Having access to the BMatch platform has enabled the EBRD to reach out to a deeper liquidity pool, which significantly improves the efficiency of spot execution.”
The EBRD has invested more than €5 billion in 286 projects in Georgia to date, with private-sector investment accounting for 82 per cent of overall financing.