BAKU, Azerbaijan, Aug. 27
By Eldar Janashvili – Trend:
The Central Bank of Azerbaijan (CBA) held another foreign exchange auction with the participation of the State Oil Fund of Azerbaijan, during which local banks purchased foreign currency worth $64.8 million, Trend reports on Aug. 27 referring to the CBA.
The banks’ demand at the auction has not changed compared to the previous indicator.
Taking into account the number of days remaining till the next scheduled currency auction, as well as to ensure uninterrupted currency trading on weekends, the banks' demand at the auction was fully met.
The average rate of manat has been formed at 1.7 manat ($1) at the auction.
The first foreign exchange auction during a long period was held on March 10, 2020 with the participation of the State Oil Fund. Azerbaijani banks purchased $323.2 million at that auction.
The CBA began to conduct currency auctions through one-way sale of currency in a competitive environment since mid-January 2017.
A decision was made in March 2020 to hold the extraordinary currency auctions in connection with the increased demand of the population for foreign currency amid the failure of the OPEC + deal, which led to a sharp drop in oil prices.
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