Promising start for forex market

The year got off to a flying start on the forex market: the daily volume of transactions is frequently higher than 800 million euros, compared with an average of 300-400 million euros a year ago. This growth is even more significant considering that the NBR maintained its relatively neutral position on the forex market, since the bulk of the total deals used to consist in transactions on the part of the central bank. The important role played by the NBR was illustrated in October 2005 when the transaction volume fell to 8.5bn euros compared with 11.2bn euros in September, in the absence of NBR operations. Under the circumstances, the larger and larger volumes of transactions in foreign currency can be pinned on the rising interest for this market on the part of both non-residents and local companies. The forex market therefore positions itself as one of the most important in terms of the sums involved, and is the oldest and most functional regulated market after 1990. By comparison, the average daily volume on the capital market barely reaches 8 million euros. ZF