Trading volume in the currency section of the Baku Interbank Currency Exchange (BBVB) in December 2012 was $ 81.223 million or 63.73 million manat.
Compared to the previous month the total amount of foreign exchange trading increased by 1.93 million or 3.1% as compared to December 2011 decreased by 3.2 times.
The average volume of each transaction in e-trading system on USD / AZN reached in December of $ 2.461 million, the average daily turnover - $ 3.692 million
Just BBVB auction in December 2012, was attended by 13 banks. In the reporting month, BEST held 44 trading sessions and registered 33 deals.
Exchange rate of national currency on tool USD / AZN_TOD in the reporting month fell by 0.23% - from 0.7838 to 0.7856 for 1 USD. This average exchange rate of the U.S. dollar against the manat in December was 0.7846 AZN for 1 USD.
The total volume of foreign exchange trading in BBVB for last year amounted to 738.15 million manat, which is 27% less than the previous year.
Total trading volume in U.S. dollars in the exchange trading system (BEST) totaled 737.837 million ($ 940 million). On the tool EUR / AZN the annual trading volume stood at 0.312 million (0.300 million EUR), that was 52 times less than it was in 2011.
Just last year in the BEST system there were held 486 trading sessions, which were attended by 20 banks. - 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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