Baku Interbank Currency Exchange Defines 2008 First BEST-rate Winner

Business Materials 2 February 2008 12:31 (UTC +04:00)

Azerbaijan, Baku, 2 February / Trend / The Baku Interbank Currency Exchange (BBVB) announced the first winner of BEST-rate competition of 2008. In January, the winner was the head of the Bank of Azerbaijan's Treasury Aziz Talibov. He was the first to submit to BBVB the most exact forecasted USD/AZN rate of the Bourse E-system of trades (BEST) daily session of the last month's last day.

His USD/AZN exchange rate forecast turned to exceed the rate fixed on 31 January as a result of the BEST daily session only by 0.0002 items. The head of the Operations with Financial Tools at BBVB Jamil Bagirov gave a valuable present (a Casio watch) to the winner today on behalf of the BBVB administration.

According to the terms of the BEST-rate competition, both bank specialists and the employees of private and state companies, students and other interested persons, except of the employees of the BBVB, can show their analytical ability in forecasting USD/AZN exchange rate. For this purpose, they have to use a pull-coupon of the BBVB corporative calendar which was issued in 2008 on the 15th anniversary of the Exchange. The BBVB receives the forecasts of the daily sessions' average sustained USD/AZN rate of the last working day of each month. The forecast must be indicated to the four indices after coma, and the coupon must be sent to 57, Hasan Aliyev St, AZ 1110, not sooner than the five working days of a month.

The results of BEST-rate are summed up each month.