Trading volume in the currency section of the Baku Interbank Currency Exchange (BBVB) in October 2012 was $ 91.075 million and 71.488 million manat.
This is a 125% increase compared to the previous month and up 19.4% compared with October 2011.
The average volume of each transaction in e-trading system on USD / AZN reached this August $ 2.397 million, and the average daily turnover was $ 4.337 million.
The BBVB auction in October 2012 was attended by 13 banks. In the reported month, BEST carried out 42 trading sessions and recorded 38 transactions.
Stock exchange turnover for the ten months of this year amounted to the equivalent of 612.738 million manat, which is 15.9% less than in January-October last year.
The exchange rate of the national currency in the reported period rose by 0.13% - from 0.7846 to 0.7836 for 1 USD. The average rate of the U.S. dollar against the manat in October was 0.7849 AZN for 1 USD, against 0.7853 AZN in September. - 15B -
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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