TRADING IN BEST DOUBLE AT BICEX
The Baku Interbank Currency Exchange (BICEX) has identified 5 leading operators of foreign currency exchange market in September 2008.
According to BICEX’s PR office, Bank Standard, Yapi Kredi Bank, Unibank, International Bank of Azerbaijan and Azerbaijan Industrial Bank - Azerbaijan have become leaders in the share of transactions in the overall trading volume of the currency market section.
In total, 23 banks took part in the trades for US dollar in April 2007. 44 trade sessions were conducted, and 64 deals were closed in the BEST (Bourse E-system of trades). The volume of dollar trades in the BICEX totaled AZN 128,325,000 or USD 158,077,000
Foreign currency trading in the BEST rose 11.19%, from 3,382,000 manats to 7,185,000, in comparison with August 2008 figure.
Average volume of each deal amounted to 2,470,000 dollars against 1,754,000.
Manat exchange rate strengthened 0.75% vs US dollar over a month (from 0.8124 to .8063 for USD 1). AZN average weighted rate against USD made up 0.8118 in August whereas it was 0.8125 in May. As a whole, national currency strengthened 3.96% vs USD since the beginning of the year.
