Baku Currency Exchange Determines Top-Five Currency Exchange Market

Business Materials 6 September 2007 13:52 (UTC +04:00)

Azerbaijan, Baku / corr Trend / In August 2007 the International Bank of Azerbaijan was top of the Baku Interbank Currency Exchange. The rating was compiled in accordance with a share of deals in aggregate turnover (sum of purchased and sold foreign currency) currency section of BBVB. Along with IBA, the top five included Texnikabank, Unibank, Azeriqazbank and Yapi Kredi Bank.

The International Bank of 40.83%
Texnikabank 16.60%
Unibank 8.95%
Azerigasbank 3.71%
Yapi Kredi Bank 2.64%

In August 2007 27 member-banks of the currency section participated in the auction. They concluded 158 deals at 46 trading sessions with the total amount of AZN 149.224mln, or $175.191mln. The turnover of the currency exchange decreased by 115.697mln, or 43.67%.

As a result of January to August 2007, the amount of currency sections reached AZN 981.288mln or $1,141,962, an increase of AZN 131.565 mln (15.5%) as compared to 2006.

The exchange rate of the national currency rose by 0.035% from 0.8519 to 0.8516 per 1 USD. In August the average sustained rate of AZM with regard to the USD made up 0.8518 manats per 1 USD, whereas as in July it was AZN 0.8538. In general, over the past year the exchange rate grew 3.84% in respect to the manat.