VOLUME OF CURRENCY DEALS AT BICEX REACHED ITS HIGHEST NOTCH

The Baku Interbank Currency Exchange (BICEX) has revealed the list of leading operator banks of the exchange market in September 2003.

According to the share of closed deals in the total trades turnover the banks were compiled in the list as follows: International Bank of Azerbaijan, Joint-Stock Investment Bank “Azerigasbank”, Commercial Bank “Emrahbank”, Joint-Stock Commercial Bank “Republic”, United Universal Joint-Stock Bank (BUSbank) and Commercial Bank “Rabitabank”.

Altogether, 32 banks have participated in US dollar trades in September 2003. Twenty trade sessions have been implemented and 245 deals were closed for the last month. The volume of US dollar trades totaled at 719 billion 953 million AZM or USD 146,599 million, which is by 52,78 percent more than that of August’s. From the total volume of September trades 77,457 million dollars falls to the share of BEST trades. The average weighted rate of AZM against USD made up 4911,04 in September for 1 US dollar, while it was 4914,47 in August. The volume of RUR trades in the BEST came to 519,710 million AZM in September.

As a whole, according to the results of January-September 2003, the volume of trades made up somewhat more than 389 million dollars, which is 4,7-fold more than that of nine months last year. Liquidity growth of the currency market in September is caused by a significant development of electronic technologies at BICEX, increase of budget and tax payments in September as well as manat interventions of the National Bank of Azerbaijan.