BAKU, Azerbaijan, December 14. On December 14, 2023, the Central Bank of Azerbaijan (CBA) organized another currency auction with the participation of the State Oil Fund of Azerbaijan (SOFAZ), Trend reports.
The auction's demand was $70.9 million (an increase of 2.6 percent, or $1.8 million, over the previous auction), according to CBA figures, and it was fully met.
The previous auction's bid was $69.1 million.
Based on the auction results, the average weighted exchange rate of the Azerbaijani manat to US dollar was 1.7 AZN per USD.
Currency auctions have raised $3.512 billion since the beginning of the year. At the auction on March 28, 2023, the currency got a record-high bid of $96.3 million.
In 2022, the average demand for currency auctions held by the Central Bank of Azerbaijan was 52.4 million manat ($30.8 million), while the supply was $70 million.
Furthermore, in mid-January 2017, the CBA began conducting currency auctions with one-way sales of money under competitive conditions.
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