BAKU, Azerbaijan, December 26. 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 demand was $79.9 million (a 10.93 percent, or $9.8 million, reduction from the previous auction) and was fully met.
The previous auction brought in $89.7 million.
The average weighted exchange rate of the Azerbaijani manat to US dollar based on auction results was 1.7 AZN per USD.
At currency auctions since the beginning of the year, $3.7 billion has been purchased. At the auction on March 28, 2023, the currency got a record-high demand of $96.3 million.
In 2022, the average demand at Azerbaijan's Central Bank's currency auctions 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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