Demand At Azerbaijani Central Bank's Foreign Exchange Market Goes Down

(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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