Baku. TurkicWorld:
The Central Bank of Azerbaijan (CBA) held a regular foreign exchange auction involving the State Oil Fund (SOFAZ) on June 13, TurkicWorld reports.
The Central Bank's data show that the demand at the auction amounted to $10.6 million and was fully met (an increase of 85.85 percent or $9.1 million compared to the previous auction).
The demand was $1.5 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 $1.5 billion has 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 CBA in 2022 amounted to $52.4 million, while the supply was $70 million.
The CBA started conducting currency auctions by the unilateral sale of currency in competitive conditions in mid-January 2017. Auctions are held in the form of a unilateral sale of currency in competitive conditions.
