BAKU, Azerbaijan, September 12. The Central Bank of Azerbaijan (CBA) held another currency auction with the participation of the State Oil Fund of Azerbaijan (SOFAZ) on September 12, 2023, Trend reports.
The CBA data shows that demand at the auction amounted to $24.2 million (an increase of 3.96 times or $18.1 million compared to the previous auction) and was fully satisfied.
At the previous currency auction the demand amounted to $6.1 million.
The weighted average exchange rate at the end of the auction amounted to 1.7 AZN/1 USD.
Since the beginning of the year, $2.3 billion has been purchased at currency auctions. The maximum demand for currency was recorded at the auction held on March 28, 2023 - $96.3 million.
Earlier, the average demand at currency auctions organized by the CBA in 2022 was $52.4 million, while the supply was $70 million.
The CBA started conducting currency auctions through unilateral sale of foreign currency under competitive conditions since mid-January 2017.