Trading volume in the currency section of the Baku Interbank Currency Exchange (BBVB) in August 2012 was $ 71.749 million and 56.343 million manat.
This is a 17.8% decrease compared to the previous month and up 50% compared to August 2011.
The average volume of each transaction in e-trading system on USD / AZN reached this August $ 2.474 million, the average daily turnover - $ 3.417 million.
Just BBVB auction in August 2012 was attended by 8 banks. In the reported month, BEST carried out 42 trading sessions and registered 29 deals.
Stock exchange turnover for the eight months of this year amounted to the equivalent of 509.46 million manat, which is 14.3% less than in the same period last year.
The exchange rate of the national currency in the reported period rose by 0.03% - from 0.7848 to 0.7846 for 1 USD. The average rate of the U.S. dollar against the manat in August was 0.7853 AZN for 1 USD, while in July it was equal to 0.7853 AZN. - 15B -
Economics
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Last week, Azerbaijani media reported an impending increase in retail bread prices, attributing the rise to an increase in product weight. The following day, an official notification confirmed that the government had no intentions of sanctioning a bread price hike in the country. However, the threat of a price increase for this staple food remains for another reason.
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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