Demand At Azerbaijani Central Bank's Currency Exchange Auction Increases

9/26/2023 5:32:59 AM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, September 26. The Central Bank of Azerbaijan (CBA) held a currency auction with the participation of the State Oil Fund of Azerbaijan (SOFAZ) on September 26, 2023, Trend reports.

The CBA data show that the demand at the auction amounted to $61.5 million (an increase of 1.35 percent, or $16 million, compared to the previous auction) and was fully met.

The demand at the previous auction was $45.5 million.

Based on the outcomes of the auction, the average weighted exchange rate of the Azerbaijani manat came to 1.7 AZN per USD.

At currency auctions, $2.5 billion has been bought since the year's start. The auction held on March 28, 2023, saw a record-high demand for the currency of $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.

Moreover, the CBA started conducting currency auctions by one-way sale of currency in competitive conditions in mid-January 2017.

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