BAKU, Azerbaijan, August 8. The Central Bank of Azerbaijan (CBA) held a regular foreign exchange auction involving the State Oil Fund of Azerbaijan (SOFAZ) on August 8, Trend reports.
According to the bank, the demand at the auction amounted to $4 million (a decrease compared to the previous auction by 82.5 percent, or $18.9 million) and was fully met.
During the previous auction, the demand amounted to $22.9 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, $1.9 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.