Consolidation of AZM rates in 2005 affect on BBVB's incomes
As of preliminary data, 2005 was an unprofitable year for the Baku Interbank Currency Exchange (BBVB), Farhad Amirbayov, the head of BBVB, told Trend. He avoided citing the concrete figures referring to incompleteness of the balance.
The key reason for unprofitable activities of BBVB is the fall in the US rates in regard to the national currency. On the other side, due to dependence of the exchange on the activity of the National Bank of Azerbaijan, in particular, the currency market, and small intervention in 2005 ($115m within the total amount of local currency market - $5.5bn), the exchange had small incomes.
Though the volume parameters of the exchange were almost on the level of 2004, the major reason was the rate fluctuations.