RECORD BREAKING VOLUME OF TRADES AT BICEX

The record volume of inter-bank deals on USD/AZM instrucment was registered in the currency section of the Baku Interbank Currncy Exchange (BICEX) on September 30, 2003. The volume of trades in the voice auctions and trades in the BEST (Bourse E-system of trades) has for the first time reached $55 million 930 thousand. Weighted average exchange rate was fixed as 4914 manat for 1 US dollar.

In the morning, according to results of voice trades, the volume of deals was amounted at $46 million 480 thousand. The new session opening exchange rate was 4911 manat for 1 US dollar. At the volume of supply of $46 million 480 thousand and the demand of $45 million 080 thousand, the rate of national currency raised by two points and made up 4909 manats for $1. In the whole, six deals were made in the morning at voice trades with the participation of six banks; the average volume of each has exceeded $7.74 million for the first time.

The rate of American currency appeared in the bank proposals in the electronic system of trades BEST was fixed within the limits of 4909,22 manats for US $1. On USD/AZM T+0 instrument in BEST, the volume of 6 million 450 thousand dollars was registered, or 31,664 billion manats. On USD/AZM T+1 instrument in BEST, the volume of 3 million dollars was achieved, or 14,727 billion manats The average cost of each deal came to 945 000 dollars.

Because of a considerable liquidity growth and improvement of the exchange system of trades, the average daily turnover has been almost doubled in September. It has exceeded $6,5 million for the last five years. A surge of bank’s activity in the currency market in September is directly connected with implementation of budget payments on the last month of the third quarter, analysts say. .