Weekly Review of Azerbaijan’s Currency Market

Azerbaijan, Baku / Trend corr I. Khalilova / Last week (24 -28 September) the official rate of the manat against the US dollar, set by the National Bank of Azerbaijan rose by 0.0003 points or 0.03%. The average rate was established at 0.85138 to 1 US dollar.

Last week the maximum rate of the US dollar against the manat was established on 24 and 25 September (0.8515 manats to 1 US dollar), the minimum on 28 September (0.8512 to 1 US dollar).

As a result of last week's exchange rate of the Azerbaijani manat against the US dollar, established on the basis of results from the Baku Interbank Currency Exchange (BICEX), decreased by 0.0008 points or 0.08%. The average rate was fixed at 0.85114 to 1 US dollar.

Last week the maximum rate of the US dollar against the manat was established on 24 and 25 September (AZN 0.8515 to 1 US dollar), the minimum on 28 September (AZN 0.8507 to 1 US dollar).

Deals concluded last week at BEST with transition to currency (T+0) comprised $7.55mln with an average sustained exchange rate of 0.8515 AZN/USD on 24 September, $2.5mln with an average sustained rate of 0.8515 AZN/USD on 25 September, $0.71mln with an average sustained rate of 0.8511 AZN/USD on 26 September, $6.705mln with an average sustained rate of 0.8509 AZN/USD on 27 September and $23mln with the rate of 0.8507 AZN/USD on 28 September

No deal was concluded with USD/AZN T+1, T+2 and SWAP_USD/AZN due to an absence of appeals by dealers. No deal with EUR/AZN T+0 was fixed.

In this period the price of vouchers rose AZN 3 to AZN 16. The allocation of privatization vouchers expires on the 1 January 2008.