Based on the agreement, Baku Intebank Currency Exchange (BICEX) is authorized to perform on behalf of banks-members of Organized Interbank Credit Market on registration of securities in interbank crediting, Trend reports with reference to State Security Committee. This decision has made the workgroup consisting of representatives of security committee, Bank Stock Exchange, BICEX and National bank. The model agreement is allowing efficient submitting of information to the Security Committee for mortgage registration.
, stock exchanges, security committee and National bank have been talking since the last year in order to develop the mortgage mechanism. Interbank crediting today is nonmortgage- and trust-based and provided by operation limits set by BICEX.
Head of information-analytical department with BICEX Vugar Israfilov says loan mechanism is very weak in Azerbaijan. He suggests that any securities issued by government may serve the best mortgage element. They became really attractive today as the secondary market is progressing and rates are going down.
According to the analysis made, all market-makers are the operators of loan notes market, in particular seven of them. Besides, 7-8 investors are mainly performing at the loan note market.
Apart from these banks, there are any others willing to make invest in securities. Thus, the government is reaching several goals: cash flow sterilization will be more effective due to involvement of more banks (large- and middle-size), further, NBA doesnt have to supervise all these activities.
According to NBAs figures, interbank loans (non-REPO) amount some AZN 30 to 35mln, showing 50% growth year-over-year.