Foreign currency demand of Azerbaijani banks down
BAKU, Azerbaijan, June 14
By Zeyni Jafarov - Trend:
The Central Bank of Azerbaijan (CBA) held a new foreign exchange auction with the participation of the State Oil Fund of Azerbaijan (SOFAZ) on June 14, 2021, Trend reports referring to a source in the CBA.
According to the source, the demand from banks at the auction decreased by 1 percent compared to the previous indicator and was fully met.
During the auction, the CBA sold $30.3 million to the local banks.
At the end of the auction, the weighted average rate of the manat to the US dollar amounted to 1.7 AZN/USD.
The first foreign exchange auction for a long time was held with the participation of SOFAZ on March 10, 2020, during which Azerbaijani banks purchased $323.2 million.
The CBA began to conduct currency auctions through a one-way sale of currency in a competitive environment from mid-January 2017.
A decision was made in March 2020 to hold extraordinary currency auctions due to 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.