OREANDA-NEWS. March 26, 2009. This year’s 27th deal has been concluded today at the Organized Interbank Credit Market in e-exchange trading system (BEST) of the Baku Interbank Currency Exchange (BBVB). At the same time 10 euro deals concluded in 2009 ensured basis of euro turnover (EUR 25.9 million) for this year.

The BBVB reports that the deal was concluded on 19 March in national currency for 30 days in the amount of AZN 1 million under annual rate of 18%. As a result, today’s turnover made AZN 1 million. On 19 September 2008, OICM turnover per day exceeded USD 27.8 million or AZN 22.959 million (the OICM entire history record), and on 30 May 2008 the record size of a deal (USD 15 million or AZN 12.37 million) was achieved.

This March’s OICM turnover has totaled AZN 12,557,600 versus AZN 29.29 million in February and AZN 11.394 million in January 2009, AZN 41.3 million in September 2008 (record of turnover per month for five-year history of OICM), AZN 16.6 million of the 2007 turnover record in October, and AZN 4.875 million of the 2006 turnover record in December.

OICM turnover for 2009 still makes AZN 53,146,380 versus AZN 251.829 million on 150 deals in 2008, AZN 57.855 million on 64 deals in 2007 under average rate of 14.49%, AZN 34.984 million on 74 deals (average rate of borrowing in manats of 13.5156%, in freely convertible currency of 12.6781%, average period of Interbank crediting in manats for 48 days, in foreign currency (EUR and USD) for 42 days) in 2006, AZN 9.148 million on 30 deals in 2005, AZN 6.398 million on 29 deals (average rate of borrowing on manat tools of 11.16%, on dollar credits 12.35%, on credit deals in euro 12% per annum) in 2004. In 2003 OICM turnover totaled only USD 6,000.

In 2008 deals at the Organized Interbank Credit Market (OICM) were concluded in Azerbaijani manats, US dollars and euro, average rates on which made 14.3%, 15.4% and 14.6% respectively.

The loans at the market were extended for a wide diapason period of 1-360 days.

OICM manat turnover totaled AZN 144.2 million, dollar turnover USD 105.1 million, euro turnover EUR 18.5 million.

Following 2008 manat exchange rate was AZN 0.801 to the US dollar and AZN 1.1292 to euro.

According to this rate, dollar turnover at OICM totaled AZN 84.2 million, euro turnover – AZN 20.9 million and overall turnover AZN 249.3 million.

About 15-17 banks are participating in OICM bids actively. The most popular period for a deal is 60 days. In 2007 monthly turnover made up to AZN 5 million on average and potential market volume is estimated in AZN 100 million a month.