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Azerbaijan's Central Bank holds regular foreign exchange auction

Economy Materials 16 May 2023 15:49 (UTC +04:00)
Azerbaijan's Central Bank holds regular foreign exchange auction
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, May 16. The Central Bank of Azerbaijan (CBA) held a regular foreign exchange auction involving the State Oil Fund of Azerbaijan (SOFAZ) on May 16, Trend reports via the CBA.

According to the bank, the demand at the auction amounted to $26.3 million and was fully met.

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.

During the previous auction, the demand amounted to $61.4 million.

The average demand at currency auctions organized by the Central Bank of Azerbaijan in 2022 amounted to 52.4 million manat ($30.8 million), while the supply was $70 million.

The CBA started conducting currency auctions by unilateral sale of currency in competitive conditions from mid-January 2017. Auctions are held in the form of a unilateral sale of currency in competitive conditions.

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