Demand at foreign exchange market of Azerbaijan’s CBA down by over 60%

Economy Materials 6 June 2023 13:01 (UTC +04:00)
Kamran Gasimov
Kamran Gasimov
Read more

BAKU, Azerbaijan, June 6. The Central Bank of Azerbaijan (CBA) held a regular foreign exchange auction involving the State Oil Fund (SOFAZ) on June 6, Trend reports.

According to the CBA, the demand at the auction amounted to $8.6 million (a decrease of 63.95 percent or $ 5.5 million compared to the previous auction) and was fully met.

Meanwhile, the demand amounted to $14.1 million at the previous currency auction.

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.

A total of $1.5 billion has been purchased at currency auctions since the beginning of the year. The maximum demand for the currency was at the auction held on March 28, 2023 – $96.3 million.

The average demand at currency auctions organized by the CBA in 2022 amounted to $52.4 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.