For the first time over the past 3 months a deal worth 5bn manats has been registered at the Organized Interbank Credit Market (OICM), functioning under the Exchange Trade System (BEST) of the Baku Interbank Currency Exchange (BBVB). The deal was concluded at rates of 11% per annum. The term of borrowing was 1 day.
"In genera, the banks put orders for attracting and placement of 17,769bn manats worth of credits," the same source said.
Thus, total turnover of the OICM made up 44,741bn manats as a result of 28 deals. BBVB told Trend it was equal to 139,868% of the turnover of 2004 (31,988bn manats on 29 deal with average borrowing rate of 11.16% for manat instruments, 12.35% for dollar credits, 12% for euro deals).
Until the October deal the last one at OICM was concluded on 30 June. The record was beaten in May when 11 deals on borrowing of 12,677bn manats at average rates of 12.6% per annum were concluded at OICM. The earlier record was fixed in March 2005 and June 2003, when 5 deals amounting to 9,909bn manats and 6 deals amounting for 5,968bn manats was concluded.