The central bank said the volume of refinancing stood at AZN 106.7 million as at the end of July, 2008, up 17.6% on a year earlier.
Refinancing transactions are carried out as part of the regulation of liquidity in banking system.
The national bank widely uses repo transactions as an instrument to regulate liquidity.
Repo is a one-tay transaction while refinancing is medium-term one.
The increase in refinancing shows a decrease in liquidity of banks.
However, AZN 106.7 million is not so large amount. Compared to repo transactions (AZN 3.4 billion for January-August), refinancing is far behind. Interestingly, the main factor is how longer-term the instrument is for.
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