Azerbaijan's foreign exchange market increases by 12 percent
Azerbaijan, Baku, June 7 / Trend, A.Akhundov /
During the first quarter of 2011, the total volume of domestic foreign exchange market grew by 12.3 percent compared to the same period last year and amounted to 6.03 billion manat (this figure was 5.37 billion manat in the first quarter of last year), a financial stability report of the Central bank of Azerbaijan (CBA) on the first quarter says.
The volume of transactions carried out on unorganized foreign exchange market, which makes up 95.6 percent of the domestic foreign exchange market, grew by 10.4 percent, or 544.4 million manat.
During the reporting period, 78.2 percent of the unorganized foreign exchange market accounted for the interbank exchange operations, while the rest - open interbank foreign exchange market.
The volume of organized interbank foreign exchange market (BEST) has increased by 1.8 times (to 118.2 million manat), reaching 263.9 million manat, and constituted 4.4 percent of the domestic foreign exchange market.
According to the report, the Central Bank has carried out net purchase worth 156.6 million manat in the foreign exchange market.
In the first quarter, volume of net cash foreign currency received by physical and legal entities in the banks, increased by 39 percent compared to the same period of last year and amounted to $1.37 billion manat.
The official exchange rate is 0.7888 manat to $1 on June 7.