BAKU, Azerbaijan, July 4. The Central Bank of Azerbaijan (CBA) has held a regular foreign exchange auction involving the State Oil Fund (SOFAZ), Trend reports.
According to the CBA, the demand at the auction amounted to $39.9 million (an increase of 94.63 percent or $19.4 million compared to the previous auction) and was fully met.
The demand was $20.5 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 $1.6 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 the unilateral sale of currency in competitive conditions in mid-January 2017. Auctions are held in the form of a unilateral sale of currency in competitive conditions.
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