Azerbaijan, Baku, Oct. 27 / Trend/
OJSC Rabitabank became a new member off the guaranteed money-market segment (GMM) upon the decision of banks participating in the GMM, the Baku Interbank Currency Exchange (BBVB) reported.
"As a result, the number of the GMM increased to ten banks," the BBVB reported.
In October 2009 the Central Bank of Azerbaijan, BBVB and a number of banks - market makers of the money market (Demirbank, AGBank, SDS "Nikoil", Bank Standard, Pashabank, Unibank and Bank of Baku) - signed a collective agreement, which is the legal basis for a new segment of money market. Turan Bank and AFB Bank later joined the project.
The GMM is a segment of the interbank loan market where execution of commitments on loan transactions is guaranteed by the Central Bank. Trading limits in trading limits are also considered and adopted by the Central Bank. Each of the banks participating in the agreement may attract credit funds amounting to no more than one million manat per month. The maximum term of the loan is no more than 30 days. Interest rates amount are determined by the banks.
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