TODAY.AZ / Business

Manat gains ground against USD

05 April 2006 [13:00] - TODAY.AZ
The Baku Interbank Currency Exchange (BICEX) has defined the list of banks - leading operators of foreign currency exchange market in March 2006.

According to AzerTAg, International Bank of Azerbaijan, Bank of Baku, commercial joint-stock bank Rabitabank, merchant close-ended bank Kochbank-Azerbaijan and joint-stock investment bank Azerigasbank have become leaders of the currency market depending on portion of closed deals in the total volume of trades.

In total, 25 banks took part in the trades for US dollar in March 2006. Last month, 40 trade sessions were conducted, and 83 deals were closed in the BEST (Bourse E-system of trades). The volume of dollar trades in the BICEX totaled AZN 60 million 506 thousand or USD 66.495 million. The volume of rouble and euro deals totaled AZN 79.459 000. In comparison with the previous month, volume of trades rose as much as $23.818 million or 55.81 percent. In January-March 2006, the volume of foreign currency trading made up 164.877 million manats, down by 33.48% on the same period last year.

Manat exchange rate strengthened 0,41% vs US dollar (from AZN 0.9128 to 0.9085). AZN average weighted rate against USD made up 0.9099 in March whereas it was 0.9136 in February. As a whole, manat market rate has strengthened 6.69% vs USD over a year.


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