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DYNAMICS OF CHANGES IN SOME ECONOMIC SEGMENTS

Politics Materials 11 October 2006 12:01 (UTC +04:00)

Oil Market

The existing oil prices fall on world markets is a temporary phenomena, Samir Sharifov, Azerbaijan`s Finance Minister thinks, Trend reports.

According to him, the rise in oil prices and their recent approach to $80 per a barrel of oil were likely to be linked with speculative factors. Geo-political factors have played their roles to some degree as well.

These events have settled to a certain extent. However, according to international experts, the fall in oil price is not realistic. I am sure that the price will increase in the mid-term outlook, Mr. Sharifov thinks.

In this connection the oil price put to State Budget 2007 to calculate budget forecast at the level of $50 per a barrel is a quite acceptable. This year, after the budget forecast correction, this indicator has been brought up from $40 to $50 compared to last year`s $25.

On October 6, 2006, the price on AZERI LT CIF Augusta was $58.50 per barrel, $0.90 per barrel less than the price fixed the day before, on October 5. On 6 October the price of AZERI LT CIF Augusta fell at $3.05 per barrel.

This week the representatives of the OPEC countries will officially announce on cut in the volume of production of oil by 1 million barrels a day. On Sunday Iran, the second for oil production rate in OPEC, and Algeria publicly supported the plans on reduction of the volume of production. The final resolution will be more probably taken this week after the completion of consultations among Minister of OPEC member-countries.

Currency Market

As a result of last week, the official rate of manat with regards to the US dollar, set by the National Bank of Azerbaijan grew 0,0006 point or 0.06%. The average rate was established as 0.8755 manats per 1 US dollar.

Last week the maximum rate of the US dollar in respect to the manat was established on 2 October and 3 October (0.8758 manats per 1 US dollar), minimum 5 and 6 September (0.8752 manats per US dollar).

As a result of the last week exchange rates of the Azerbaijani manat with regards to the US dollar, established on the base of results of the Baku Interbank Currency Exchange (BICEX) increased by 0,0008 point or 0.08%. Average rate was fixed as 0.8722 manats per US dollar.

Last week the maximum rate of the US dollar in respect to the manat was established on 2 and 3 October (0.8747 manats per 1 US dollar), minimum 4, 5 and 6 October (0.8739 manats per US dollar).

Deals concluded last week at BEST with transition to currency (T+0) comprised $1,850 with average sustained exchange rate of 0.8747 AZN/USD on 2 October, $12,896m with average sustained rate of 0.8747 AZN/USD on 3 October, $0,590m with average sustained rate of 0.8739 AZN/USD on 4 October, $5,370m with average sustained rate of 0.8739 AZN/USD on 5 October and $1,005m with the rate of 0,8739 AZN/USD 6 October.

No deal was concluded with Russian ruble and Euros last week due to the absence of appeals. However, an only deal concluded on 4 October with USD per AZN T+1 instrument was fixed in the amount of 78,795 AZN with average sustained rate of 0,8755 AZN per USD.

Privatization Shares Market

During this period the prices of vouchers were stable and made up 80,000 old manats (16 AZN).

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