Survey of the average daily turnovers on the foreign exchange market conducted in the week of 18-22 October 2004

The Czech National Bank surveys the average daily turnovers on the foreign exchange market semi-annually - in April and in October. In the most recent survey conducted in the week of 18-22 October 2004 the daily average turnover rose by 867,7 million USD (33,7 %) to 3.445,5 million USD compared to April 2004. The rising trend has continued with the gain of 92,5 % since October 2002. Forwards and swaps had the major role in this growth, as their daily turnover rose by 730,5 million USD (46,0 %). The spot turnover rose by 121,3 million USD (13,1%). The option market turnover slightly rose by 16,0 million USD (25,7 %) but their share on the total turnover remained small (2,3 %).

Regarding the share of individual currency pairs, USD/CZK has the largest portion of total turnover (44,8 %) again with the increase of 641,4 million USD (71,1 %). Share of EUR/CZK is 24,9 % with the increase of 110,1 million USD (14,8 %) in the most recent survey. USD/CZK takes traditionally the major role on forwards and swaps market (62,9 %) while on the spot market its share is only 7,1 % compared to EUR/CZK share of 53,8 %.

According to information provided by the reporting banks the activity in the surveyed period was average.