Auctions in Baku Interbank Currency Exchange Increases to 1.6 Times This Year

Business Materials 4 November 2008 17:41 (UTC +04:00)

Azerbaijan, Baku, 4 November / Trend / In October, Bank Standard led a top five banks - the leading stock market operators free convertible currency convertible currency on the basis of auctions in the currency section of the Baku Interbank Currency Exchange (BICE).

According to the total number of auctions turnover deals Uni Bank, International bank of Azerbaijan, as well as share and commercial Bank Respublika and Azerbaijan Senaye Bank (ASB) are the leaders in the exchange currency market.

Bank Standard's share is 41.76%, UniBank - 18.16%, Bank Respublika - 15.67%, International Bank of Azerbaijan - 14.16% and ASB - 9.88%.

Totally 23 banks participated in BICE currency section auctions in October. Forty-two auctions meetings have been implemented and 104 deals registered in this period. The volume of currency auctions comprised AZN 231.62mln. Compared to the indexes in September 2008, the volume of currency auctions was over 81.02%. The average volume of each deal in October increased from $2.47mln to $2.75mln.

The aggregated auctions volume as for results of 10 months touched AZN 1.836bln. Compared to Jan-Oct 2007 the auctions results with foreign currency increased to 1.6 times or to AZN 677,47mln.

The exchange rate of manat in this period drop to 0.11% - from AZN 0,8083 to AZN 0,8092 per 1 USD. As a result, the average weight of manat compared to USD totals AZN 0,8094 per 1 USD in October, while it equaled AZN 0,8118 in September. Since the beginning of the year, the average weight of exchange rate table for USD increased by 4.25%.

On 4 November, the official currency rate is 0,8097AZN/USD.