(MENAFN- Trend News Agency) BAKU, Azerbaijan, May 30. The Central Bank of
Azerbaijan (CBA) held a regular foreign exchange auction involving
the State Oil Fund of Azerbaijan (SOFAZ) on May 30, trend reports.
According to the CBA, the demand at the auction amounted to
$22.4 million (a decrease of 37.43 percent, or $13.4 million,
compared to the previous auction) and was fully met.
The demand amounted to $35.8 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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