Wednesday, February 2 2011 11:39

NASDAQ OMX Armenia intends to increase redemption period of interbank credits


ArmInfo. NASDAQ OMX Armenia intends to increase the redemption period of interbank credits from 1 day to 1 month, Executive Director of NASDAQ OMX Armenia Arman Melikyan said at a press conference on Tuesday.

According to him, the stock exchange is currently holding negotiations with the regulatory body. The main task is to introduce a relevant clearing mechanism. The prolongation of the redemption period will allow increasing the volumes of the relevant transactions, Melikyan said.
One of the main achievements in 2010 was introduction of credit resources market in April, with launch of which the Exchange started servicing another important part of financial market - interbank credit resources market. At present this market is the most active at the Exchange and it contributes to fair pricing of overnight interbank loans. Since the day of launch up until the year-end, 1,743 trades with total value of AMD 576 bln were concluded in this market, while weighted average rate of credit resources declined from 10.49% in April to 5.1% in December. During the year the lowest credit rate of 2%, and the highest rate of 12% were registered.

To note, on the floor of overnight interbank credits the value of money resources is determined by means of exchange auctions. The floor of interbank credits operates on working days daily from 11 am till 3 pm.

To recall, the minimal lot at the section of overnight interbank credits is AMD 10 mln. The fee for 0.5-year participation in the interbank credits section is fixed at AMD 180 thsd (VAT exclusive); credits are provided in AMD only.

The settlement bank is the Central Bank of Armenia. Clearing payments are perfomed by the stock exchange. Upon completion of the trade session, multilateral clearing is held, afterwards all data about the transactions are provided to the CBA to transfer the relevant funds to the contractors' accounts. The clearing on final mutual settlements is performed the next morning.
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