BAKU, Azerbaijan, May 24. A significant increase in foreign currency receipts to Azerbaijan affected the supply and demand in the foreign exchange market, which in turn led to the fact that the supply at currency auctions exceeded the demand, Chairman of the Accounting Chamber Vugar Gulmammadov said at the meeting of the committee on Economic policy, Industry and Entrepreneurship, Trend reports.
"At 99 currency auctions held during 2022, currencies worth $5.1 billion were sold, which is $1.5 billion, or 22.5 percent less than in 2021. The demand for the currency has also decreased compared to 2021 and amounted to $67.6 million," Gulmamedov said.
According to him, as a result of the sale of the currency carried out by SOFAZ at currency auctions held during the year, the state budget received 7.9 billion manat ($4.6 billion).