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Demand in FX market of Central Bank of Azerbaijan increases

Economy Materials 22 August 2023 13:10 (UTC +04:00)
Demand in FX market of Central Bank of Azerbaijan increases
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, August 22. The Central Bank of Azerbaijan (CBA) held another currency auction with the participation of the State Oil Fund of Azerbaijan (SOFAZ) on August 22, 2023, Trend reports.

According to the CBA, the demand at the auction amounted to $59.9 million (an increase of 45.05 percent, or $18.6 million, compared to the previous auction) and was fully satisfied.

In addition, at the previous currency auction, the demand was $41.3 million.

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.

In general, $2.1 billion has been purchased at currency auctions since the beginning of the year. The maximum demand for the currency was recorded at the auction held on March 28, 2023, at $96.3 million.

The average demand at currency auctions organized by the CBA in 2022 was $52.4 million, while the supply was $70 million.

Moreover, the CBA started conducting currency auctions by one-way sale of currency in competitive conditions in mid-January 2017.

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