Demand of Azerbaijani banks for foreign currency revealed

By Trend

The Central Bank of Azerbaijan (CBA) sold $83 million to banks at the foreign exchange auction held with the participation of the State Oil Fund of Azerbaijan (SOFAZ) on December 29, 2020, Trend reports citing the country's CBA.

The demand from banks at the auction increased by 4 percent compared to the previous indicator and was fully met.

At the end of the auction, the weighted average rate of the manat to the dollar amounted to 1.7 AZN / USD.

The first foreign exchange auction for a long time was held with the participation of SOFAZ on March 10, 2020, during which Azerbaijani banks purchased $323.2 million.

The CBA began to conduct currency auctions through a one-way sale of currency in a competitive environment from mid-January 2017.

In March 2020, the CBA decided to hold extraordinary currency auctions in connection with the increased demand of the population for foreign currency amid the failure of the OPEC+ deal, which led to a sharp drop in oil prices.

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