9 The 25% compounded annual growth in turnover and the doubling of the merchant to inter-bank turnover ratio during this period was reflective of accelerated pace of economic growth and increased openness of the domestic financial markets. The turnover is almost equally accounted for by the spot and derivatives markets. The derivatives market is dominated by swaps followed by forwards.
•  Total savings (dinar and foreign exchange) as of August 31, 2004 reached the amount of 106.3 billion dinars, which is about 21.3 million dinars (+25.1%) higher than at the end of 2003. •  So far this year, as of October 19, new foreign exchange savings deposits increased by 25.1%, or EUR 261 million, exceeding the amount of EUR 1.3 billion, i.e.