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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT MAY 2005 BAKU INTERBANK CURRENCY EXCHANGE Farhad Amirbayov General Manager During the past year Baku Interbank Currency Exchange (BBVB) stopped using ”on floor” auctions because of changed conditions in the market. Further, after the installation of new software allowing BBVB to offer an electronic system for trading to all banks, we were then able to not only give the results of bargains, but also to support a screen interface of BEST (BBVB Electronic Trading System) in our native language. When speaking in reference to the development of the currency market in HISTORY AND DEVELOPMENT The Central Bank of Azerbaijan and the four largest state banks of the Azerbaijan Republic founded the Baku Interbank Currency Exchange (Baki Banklarasi Valyuta Birjasi - BBVB) on 26 July 1993. This year marks a decade since the beginning of activity in the financial market. Ever since the onset of the activities of this central financial institution, the BBVB has become an innovative symbol of economic reforms for the business public of Azerbaijan. Using advanced information technology and experiencing success in the creation of universal trading platforms, the BBVB, by volume of trade and number of financial tools, has become the biggest exchange in the Caucasian region. PAGE 44 We are planning to offer the market this year a spectrum of tools, created on the basis of currency SWAP, which will help banks to operate in short-term liquidity in various currencies and currency positions. Azerbaijan, it is necessary to take into account the steady turnover growth of the interbank market and exchange segment. Growth of the currency market is not an event in and of its own; it is directly connected with the development of foreign trade. The major factors which influence such increases are the reduction of commissions, development of information technologies, introduction of new tools and reliability of calculation systems. BEST has sufficient technological potential for further development so as to attract participants, FUTURE OUTLOOK The purposes of the BBVB are to: • set up regular exchange trading to carry out currency operations; • determine the market exchange rate of the Azerbaijan currency (manat) to foreign currencies; • create a mechanism for inter-state settlements; • maintain management and information services for currency operations; • settle transactions made at the BBVB both in national and foreign currencies; • organize and carry out exchange trading and auctions with interbank credits; and • conduct exchange trading with futures. including non-residents in addition to increasing the number of tools to be used in conjunction with BEST and also to increase overall volume. We are planning to offer the market this year a spectrum of tools, created on the basis of currency SWAP, which will help banks to operate in short-term liquidity in various currencies and currency positions.
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT MAY 2005 BAKU INTERBANK CURRENCY EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ Millions # Shares Millions Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume Stocks July-04 n/a n/a n/a n/a Aug-04 n/a n/a n/a n/a Sep-04 n/a n/a n/a n/a Oct-04 n/a n/a n/a n/a Nov-04 n/a n/a n/a n/a Dec-04 n/a n/a n/a n/a TOTAL n/a n/a n/a n/a Bonds July-04 n/a n/a n/a n/a Aug-04 n/a n/a n/a n/a Sep-04 n/a n/a n/a n/a Oct-04 n/a n/a n/a n/a Nov-04 n/a n/a n/a n/a Dec-04 n/a n/a n/a n/a TOTAL n/a n/a n/a n/a Other July-04 102.4 4.7 0.10 0.005 Aug-04 98.2 4.5 0.10 0.005 Sep-04 108.7 4.9 0.11 0.005 Oct-04 42.9 2.1 0.04 0.002 Nov-04 57.3 2.9 0.06 0.003 Dec-04 94.0 4.5 0.09 0.005 TOTAL 503.3 3.9 0.50 0.004 Market Capitalization US$ Millions Index July-04 n/a n/a Aug-04 n/a n/a Sep-04 n/a n/a Oct-04 n/a n/a Nov-04 n/a n/a Dec-04 n/a n/a CONTACT INFORMATION MONTHLY OTHER VOLUME (US$ Millions) Contact Name Mr. Vugar Israfilov E-mail info@bbvb.org Website www.bbvb.org 120 100 80 60 40 20 0 1,200 1,000 5 YEAR OTHER VOLUME (US$ Millions) 0 July Aug Sep Oct Nov Dec July Aug Sep Oct Nov Dec 800 600 400 200 PAGE 45
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