BAKU, Azerbaijan, July 20. The Central Bank of Azerbaijan (CBA) has held a regular foreign exchange auction involving the State Oil Fund of Azerbaijan (SOFAZ), Trend reports.
According to the CBA, the demand at the auction amounted to $41.5 million (an increase of 22.65 percent or $9.4 million compared to the previous auction) and was fully met.
The demand was $32.1 million at the previous currency auction.
The average weighted exchange rate of the Azerbaijani manat to the US dollar amounted to 1.7 AZN per 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, at $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 through the unilateral sale of currency under competitive conditions in mid-January 2017. Auctions are held in the form of a unilateral sale of currency under competitive conditions.