BAKU, Azerbaijan, December 19. The Central Bank of Azerbaijan (CBA) organized another currency auction with the participation of the State Oil Fund of Azerbaijan (SOFAZ), Trend reports.
According to CBA data, the auction's demand was $76.5 million (an increase of 7.9 percent, or $5.6 million, over the previous auction) and was fully met.
The previous auction's bid was $70.9 million.
Based on the auction results, the average weighted exchange rate of the Azerbaijani manat to US dollar was 1.7 AZN per USD.
Since the beginning of the year, $3.5 billion has been purchased at currency auctions. The currency received a record-high demand of $96.3 million at the auction on March 28, 2023.
The average demand at the Central Bank of Azerbaijan's currency auctions in 2022 was 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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