BAKU, Azerbaijan, October 12. The Central Bank of Azerbaijan (CBA) held another currency auction with the participation of the State Oil Fund of Azerbaijan (SOFAZ) on October 12, 2023, Trend reports.
The CBA data show that the demand at the auction amounted to $41 million ( a decrease of 13.5 percent or $6.4 million compared to the previous auction) was fully covered at the auction.
At the previous currency auction, the demand was $47.4 million.
The average weighted exchange rate of the Azerbaijani manat to the US dollar amounted to 1.7 AZN/1 USD based on the auction results.
In general, $2.7 billion has been purchased at currency auctions since the beginning of the year. The maximum demand for the currency was recorded at the auction held on March 28, 2023, for $96.3 million.
In addition, the average demand at currency auctions organized by the CBA in 2022 was $52.4 million, while the supply was $70 million.
The CBA started conducting currency auctions by unilaterally selling currency under competitive conditions in mid-January 2017.