BBVB registers deal worth 2 million manat on GMM in Azerbaijan
Azerbaijan, Baku, March 2 / Trend, N.Ismayilova /
The deal with a term loan of 58 days was registered on the Baku Interbank Currency Exchange (BBVB) in the "Guaranteed Money Market" segment of the Organized Interbank Credit Market E-trading system (BEST), the report said.
According to the information, trading volume totaled 2 million manat at 6 percent per annum.
The Guaranteed Money Market (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.
At present, 10 banks are GMM participants.
The official exchange rate on March 1 is 0.7939 manat to $1.