BAKU, Azerbaijan, July 6. The Central Bank of Azerbaijan (CBA) held a regular foreign exchange auction involving the State Oil Fund of Azerbaijan (SOFAZ) on July 6, Trend reports via the CBA.
According to the bank, the demand at the auction amounted to $15.7 million (a decrease compared to the previous auction by 154.14 percent, or $24.2 million) and was fully met.
During the previous auction, the demand amounted to $39.9 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.
Since the beginning of the year, $1.6 billion has been purchased at currency auctions. The maximum demand for the currency was recorded at the auction held on March 28, 2023 – $96.3 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.