MONETARY SECTOR

Currency market and rate of manat

In May 2006 the Bank of Baku became a leader at the Baku Interbank Currency Exchange. Previously, the International Bank of Azerbaijan (IBA) was a leader at the exchange currency market of Azerbaijan in 2003 (December, November, September, July, August) and 2004 (except October), in 2005 excluding December and January to March 2006.

Amount of currency trading sessions at BBVB in April 2006

Amount, in mln USD

Rise in May 2006

Р'сего, (BEST)

$33,094

- 63,67%

63,67%

Without consideration of the deals at the NBA, 30.69% of the currency turnover fell on Bank of Baku.

Along with the Bank of Baku, the top five included Texnikabank (13.37%), UniBank (10.91%), Rabitabank (5.99%) and Azerigasbank (4.76%), BBVB informed.

As of totals of April the leaders were Texnikabank (13.23%), UniBank (13.01%), Bank of Baku (11.29%), International Bank of Azerbaijan (8.32%) and CД°Bank (7.24%).

Banks

Amount of the total, РІ %

Bank of Baku

30.69

Texnikabank

13.37

UniBank

10.91

Rabitabank

5.99

Azerigasbank

4.76

In May 21 member-banks of the currency section participated in the auctions. They concluded 67 deals at 42 trading sessions with the total amount of 30,731m manats, or $33,997m, which is 63.67% more as compared to April.

As compared to April 2006 the amount of trading session with the foreign currency at BBVB dropped 51,767m manats, or 2.73 times. As compared to May 2005 the exchange trading wit foreign currency rose 19.09%.

The exchange rate of the national currency rose 0.48% - from 0,9028 manats to 0.8985 manats per 1 USD. In the end, the average sustained rate of AZM in regard to USD made up 0,9013 manats per 1 USD in May, whereas as of April it was 0,9061 AZN In general, over the past year the exchange rate grew 5.68% in respect to manat.

Stock market

In January to May of 2006 the Ministry of Finances held 11 auctions on placement of T-bills and of them only 3 were held in May. The auction with the issue of 45mn manats resulted in the placement of 25,921m manats (47.6% of the issue). In May the amount of issue comprised 15m manats, of which only 1,151,600m manats has been placed. The average sustained profitability rate of the auction comprised 8.77% per annum, while in May it was 7.92%.

No deal was concluded at the secondary market.

In the first quarter the National Bank of Azerbaijan (NBA) held 22 auctions on placement of short-term notes. The emitter succeeded to place 201.2m manats of the total of 213m manats. In May 50.2m manats was placed with the issue of 55m manats, in May 6.67%.

The deals on short-term bonds fixed at the secondary market amounted to 21.5m manats, in May 7,559,136 manats.

In January to May 20.4m manats was placed at the corporate shares market, in May 7,615,081 manats, while at the secondary market on short-term notes with the total amount of 2,860,891 manats. Initial placement of corporate bonds comprised $3,967,200 and 6 manats, in May - $108,800 and 2,180,600 manats, while at the secondary market it was fixed at 693,719 manats. the initial placement of corporate bonds constituted $3,967,200 and 6m manats, while in the secondary market it was $652,482 and 302,251 manats, of them $21009 and 3,981 manats fell on May.

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