Azerbaijan's Banks Purchase Over $35 Million At Foreign Exchange Auction

5/25/2023 6:04:29 AM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, May 25. The Central Bank of Azerbaijan (CBA) held a regular foreign exchange auction involving the State Oil Fund of Azerbaijan (SOFAZ) on May 25, trend reports via the CBA.

According to the bank, the demand at the auction amounted to $35.8 million (an increase of 5.6 percent, or $1.9 million, compared to the previous auction) and was fully met.

The demand amounted to $33.9 million at the previous currency auction.

The average weighted exchange rate of the Azerbaijani manat to the US dollar amounted to 1.7 AZN/1 USD based on the auction results.

A total of $1.4 billion have been purchased at currency auctions since the beginning of the year. The maximum demand for the currency was at the auction held on March 28, 2023 – $96.3 million.

The average demand at currency auctions organized by the Central Bank of Azerbaijan in 2022 amounted to 52.4 million manat ($30.8 million), while the supply was $70 million.

The CBA started conducting currency auctions by unilateral sale of currency in competitive conditions from mid-January 2017. Auctions are held in the form of a unilateral sale of currency in competitive conditions.

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