Central Bank Of Azerbaijan Sees Decline In Demand For Its FX Market
Date
10/17/2023 7:12:15 AM
(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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