Azerbaijan discloses demand from banks at foreign exchange auction

9 June 2020 18:09 (UTC+04:00)

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 acquired $52.7 million, Trend reports on June 9 referring to the CBA.

The demand from the banks at the auction increased by 17.9 percent or by $8 million compared to the figure during the previous auction and reached $52.7 million.

Taking into account the number of days remaining before the next scheduled auction, as well as with the aim of ensuring uninterrupted currency trading by the banks, the demand of banks at the auction will be fully ensured during weekends.

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

The CBA has begun to hold foreign exchange auctions through unilateral sale of foreign currency in competitive conditions since mid-January 2017.

A decision was made in March 2020 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.

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