BAKU, Azerbaijan, June 21. A total of 98 percent of currency auctions held at the Central Bank of Azerbaijan had less demand than supply for 5 months of this year, Trend reports via the CBA.
“The purchase of cash dollars by banks in the previous period of this year exceeded sales for the first time since 2018. The volume of the organized interbank foreign exchange market during this period increased by 45 percent compared to the same period last year,” the CBA said.
“The nominal effective exchange rate of the manat has strengthened by 8.4 percent in 2022 and by 5.1 percent in 5 months of 2023. Seasonal factors have also had a restraining effect on inflation in recent months," the CBA added.
The average demand at currency auctions organized by the Central Bank of Azerbaijan in 2022 amounted to $52.4 million, while the supply was $70 million.