The Azerbaijan State News Agency

ECONOMY

BICE DEFINED LEADING EXCHANGE BANKS IN JULY

The Baku Inter-bank Currency Exchange (BICE ) defined the leading five operation exchange banks in July 2003.

The first five banks of the currency exchange market includes, in accordance with the share of concluded by them deals in the overall circulation, the ‘International bank of Azerbaijan’, ‘Stock-commercial banks – ‘Respublika’, ‘Azalbank’, commercial banks – ‘Amrahbank’ and ‘Tekhnikabank’.

Overall, 38 banks participated at the trades of BICE in July 2003. In the previous month, 267 bargains was concluded and 23 trade sessions were conducted. The volume at the currency section of exchange on US dollars in July amounted 421 billion 894 manat, or 85,770 million USD, which’s by 7 times in comparison with the same indices of 2002 and by 11 times more than June of the current year. Of the total volume of July deals, at the share of electronic system fall 75,796 million dollars, or 88 percent. The average course on AZM to the US dollars equaled in July 4918,90 manat for 1USD, while in June 2003 it equaled 4919,89 manat.

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