BAKU, Azerbaijan, September 5. The Central Bank of Azerbaijan (CBA) held a currency auction with the participation of the State Oil Fund of Azerbaijan (SOFAZ) on September 5, 2023, Trend reports.
The bank said that the auction's demand, which amounted to $41.4 million (a decrease of 18.82 percent, or $9.6 million, compared to the previous auction), was fully met.
The demand at the previous auction was $51 million.
Based on the outcomes of the auction, the average weighted exchange rate of the Azerbaijani manat to the US dollar came to 1.7 AZN per USD.
At currency auctions, $2.3 billion has been bought since the year's start. The auction held on March 28, 2023, saw a record-high demand for the currency of $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.
Moreover, the CBA started conducting currency auctions by one-way sale of currency in competitive conditions in mid-January 2017.