BAKU, Azerbaijan, November 7. The Central Bank of Azerbaijan (CBA) held another currency auction with the participation of the State Oil Fund of Azerbaijan (SOFAZ) on November 7, 2023, Trend reports.
According to CBA data, the auction's demand was $35.2 million (a decrease of 38.68 percent, or $22.2 million, compared to the previous auction) and was fully met.
At the previous currency auction, demand totaled $57.4 million.
The average weighted exchange rate of the Azerbaijani manat to the US dollar based on the auction results was 1.7 AZN per USD.
Since the beginning of the year, $2.9 billion has been purchased at currency auctions. The largest demand for the currency was $96.3 million at the auction on March 28, 2023.
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.
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