Demand for US dollars grows in Azerbaijan
BAKU, Azerbaijan, Sept. 3
By Zeyni Jafarov – Trend:
Another foreign exchange auction with the participation of the State Oil Fund of Azerbaijan (SOFAZ) was held in the Central Bank of Azerbaijan (CBA) on Sept. 3, Trend reports referring to the CBA.
The demand for the US dollars increased by $15.4 million or by 24.2 percent compared to September 1, and amounted to $79.1 million. The demand was fully met.
The CBA began to conduct the currency auctions through a one-way sale of currency in a competitive environment since mid-January 2017.
A decision was made to hold the extraordinary currency auctions in March 2020 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.
The weighted average rate of the manat was formed at the level of 1.7 AZN / USD at the auction.