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* Volume triples within five months
* Says development of market a key aim
PORT LOUIS, March 15 (Reuters) - Daily traded volume on a Mauritius’ commodities and currency exchange have tripled since it started operations last October, the exchange said.
The Global Board of Trade (GBOT), as the exchange is known, said it crossed the $35 million mark on March 11, when it finished the day at $35.18 million.
“With this development, GBOT’s daily trading volumes have tripled within five months of commencing trading,” GBOT said in a statement issued late on Monday.
The exchange, which offers a local platform for investors’ from around the world eyeing Africa’s rich resources, started with average volumes in the range of $10 million per day in its first week.
“Though the progress in volumes has been very encouraging since then, the focus of GBOT will continue to be long term development of the financial markets of Africa,” the exchange said.
The African continent is the world’s most impoverished region, but commodity-hungry economies such as China are increasingly eyeing investment opportunities.
GBOT said the fact that peak trading volumes have tripled in less than five months shows the encouraging response that it is getting from the globe.
“The exchange not only plans to launch new commodities and currency pairs but is also set to launch new asset classes, after securing regulatory approvals,” it said.
Joseph Bosco GBOT managing director and chief executive said the objective is not to chase volumes but to bring in the global best practices from the financial exchange space to Africa and Mauritius.
The exchange offers trade in gold, silver, and five currency pairings including the Mauritius rupee/U.S. dollar. (Reporting by Jean-Paul Arouff; Editing by Kim Coghill)