Demand at currency exchange market of Azerbaijani Central Bank decreases

Economy Materials 8 August 2023 13:08 (UTC +04:00)
Kamran Gasimov
Kamran Gasimov
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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.