Central Bank Of Azerbaijan Sees Decline In Demand For Its FX Market

2023-10-17 07:12:15

(MENAFN- Trend News Agency) BAKU, Azerbaijan, October 17. The Central Bank of Azerbaijan (CBA) held another currency auction with the participation of the State Oil Fund of Azerbaijan (SOFAZ) on October 17, 2023, Trend reports.

The CBA data show that the demand at the auction amounted to $6.9 million (a decrease of 83.17 percent or $34.1 million compared to the previous auction) and was fully met.

The demand amounted to $41 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.

In general, $2.7 billion has been purchased at currency auctions since the beginning of the year. The maximum demand for the currency was recorded at the auction held on March 28, 2023, for $96.3 million.

In addition, the average demand at currency auctions organized by the CBA in 2022 was $52.4 million, while the supply was $70 million.

The CBA started conducting currency auctions by unilaterally selling currency under competitive conditions in mid-January 2017.

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