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AFB Bank becomes member of guaranteed money market of Azerbaijan

05 July 2010 12:08 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. AFB Bank was selected a member of guaranteed money market of Azerbaijan, Baku Interbank Currency Exchange (BICEX) told APA. Thus, the number of member banks of GMM reached 9.

Note that, CBA, BICEX and several market-maker banks of money market (Demirbank, AGBank, Bank NIkoil, Standard Bank, Pashabank, Unibank and Bank of Baku) signed collective sontract. This contract made legal base for new segment of money market.

Note that, GMM is a segment of the Organized Interbank Credit Market (OICM) where the CBA is the guarantor of fulfillment of liabilities on credit operations. The CBA establishes trading limits for banks, which are accorded by all the participants. Decisions on changes in trading limits are also considered and made by the CBA. Each of the Agreement participating banks can raise credit finances for not more than 1 million manats a month. Maximum term of the credit is n more than 30 days. Interest rates are defined by banks independently. No one deal has been registered at the GMM.