Demand At Azerbaijani Central Bank's Foreign Currency Auction Doubles

2023-10-26 05:21:51

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

According to CBA figures, the auction's demand was $50.5 million (an increase of 2.2 times or $27.1 million over the previous auction) and was fully met.

At the previous currency auction, demand was $23.4 million.

Based on the auction results, the average weighted exchange rate of the Azerbaijani manat to the US dollar was 1.7 AZN per USD.

Since the beginning of the year, $2.7 billion has been purchased at currency auctions. The largest demand for the currency was $96.3 million at the auction on March 28, 2023.

In 2022, the average demand in the CBA's currency auctions was $52.4 million, while the supply was $70 million.

Furthermore, in mid-January 2017, the CBA began conducting currency auctions with one-way sales of money under competitive conditions.

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