BAKU, Azerbaijan, March 11
By Eldar Janashvili – Trend:
The Central Bank of Azerbaijan (CBA) held an extraordinary foreign exchange auction with the participation of the State Oil Fund (SOFAZ), attracting 155 million manat ($91.1 million) from Azerbaijani banks, Trend reports referring to CBA on Mar. 11.
According to the CBA, demand from the banks at the auction decreased by 52 percent or by 168.2 million manat ($98.2 million) compared to the previous auction.
The foreign exchange auction was held for the first time in a long time with the participation of the SOFAZ on March 10, 2020, during which Azerbaijani banks acquired 323.2 million manat ($190.1 million).
CBA began to hold foreign exchange auctions through unilateral sale of foreign currency in competitive conditions since mid-January 2017. In March 2020, it was decided to hold extraordinary foreign exchange auctions in connection with the increased demand of the population for foreign currency amid the failed deal OPEC+ (Organization of the Petroleum Exporting Countries), which entailed a sharp decline in oil prices.
(1 USD = 1.7 AZN on March 11)
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