CBA discloses amount of foreign currency bought by local banks
By Trend
The Central Bank of Azerbaijan (CBA) held a foreign exchange auction with the participation of the State Oil Fund of Azerbaijan (SOFAZ), during which Azerbaijani banks bought $72.9 million, Trend reports on Sept.22 citing CBA.
According to CBA, demand from the banks at the auction was fully provided.
In accordance with SOFAZ’s data, from January through August 2020, the fund sold the foreign currency in the amount of $5.4 billion at currency auctions, which is increase by 25 percent compared to the same period of last year.
SOFAZ plans to sell foreign currency worth $6.8 billion at currency auctions this year.
The CBA began to hold foreign exchange auctions through unilateral sale of foreign currency in competitive conditions since January 2017.
In March 2020, it was decided to hold extraordinary foreign exchange auctions in connection with the increased demand of the population for foreign currency amid the failed OPEC+ deal, which entailed a sharp decline in oil prices.
(1 USD = 1.7 AZN on Sept.22)
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