BAKU, Azerbaijan, Sept. 30
By Zeyni Jafarov - Trend:
The demand of Azerbaijani banks for foreign currency at the auction held by the Central Bank (CBA) with the participation of the State Oil Fund (SOFAZ) on September 30 increased by $10.4 million, or 18.4 percent – up to $67 million, compared to the previous auction, Trend reports via CBA.
Some $56.6 million were sold at the last auction.
The demand of local banks for the currency was fully satisfied, and according to the auction results, the weighted average exchange rate of the manat to the dollar was 1.7 AZN/USD.
The first in a long time foreign exchange auction with the participation of SOFAZ was held on March 10, 2020, when Azerbaijani banks purchased $323.2 million.
The CBA started conducting currency auctions through the unilateral sale of currency in competitive conditions from mid-January 2017. In March 2020, it was decided to hold extraordinary currency auctions in connection with the increased demand of the population for foreign currency due to the failure of the OPEC + deal, which led to a sharp drop in oil prices.
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