Demand at Azerbaijani Central Bank's currency exchange market increases

Economy Materials 15 August 2023 13:20 (UTC +04:00)
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, August 15. 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 bank, the demand at the auction amounted to $54.1 million (a growth compared to the previous auction by 39.93 percent, or $21.6 million) and was fully met.

During the previous auction, the demand amounted to $32.5 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, over $2 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 CBA in 2022 amounted to $52.4 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.