TURNOVER AT BICEX RISES 1.93-FOLD
The Baku Interbank Currency Exchange (BICEX) has identified 5 leading operators of foreign currency exchange market in April 2008.
According to BICEX’s PR office, Azerigasbank, Kapital Bank, Unibank, International Bank of Azerbaijan and Tekhnikabank bank - Azerbaijan have become leaders in the share of transactions in the overall trading volume of the currency market section.
In total, 27 banks took part in the trades for US dollar in April 2007. 44 trade sessions were conducted, and 129 deals were closed in the BEST (Bourse E-system of trades). The volume of dollar trades in the BICEX totaled AZN 161,583,000 or USD 195,031,000. Turnover on the instrument EUR/AZN и RUR/AZN made up AZN 487,655. Foreign currency trading dropped from 19,975,000 manats to 8,865,000, down 35.52% in comparison with March 2008 figure.
Average volume of each deal amounted to 1,512,000 dollars against 3,026,000 in March. The drop is driven by seasonal factors and increase in tax payments and transfers to the budget.
The number of deals in the electronic system rose by 30%. It indicates to rise of banks` activity
Manat exchange rate strengthened 0.36% vs US dollar over a month (from 0.8316 to .8286 for USD 1). AZN average weighted rate against USD made up 0.8285 in April whereas it was 0.8364 in March. As a whole, national currency strengthened 2% vs USD since the beginning of the year.
