BAKU, Azerbaijan, October 25. The Central Bank of Azerbaijan (CBA) held a currency auction with the participation of the State Oil Fund of Azerbaijan (SOFAZ) on October 24, 2023, TurkicWorld reports.

The CBA data show that the demand at the auction amounted to $23.4 million (an increase of 31.46 percent or $5.6 million compared to the previous auction) and was fully met.

The demand was $17.8 million at the previous currency auction.

The average weighted exchange rate of the Azerbaijani manat to the US dollar amounted to 1.7 AZN per 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, at $96.3 million.

The average demand at currency auctions organized by the CBA in 2022 was $52.4 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.