Banks in Azerbaijan purchase about $63M at exchange auction

13 October 2020 18:11 (UTC+04:00)

By Trend

The Central Bank of Azerbaijan (CBA) sold $62.9 million to local banks at exchange auction held with the participation of State Oil Fund of Azerbaijan (SOFAR) on October,13, 2020, Trend reports via Central Bank of Azerbaijan.

The demand from banks at the auction was provided in full.

As a result of the auction weighted average rates of manat to US dollar amounted to 1.7 AZN/USD.

In March of this year, there was an increase in demand for foreign currency in Azerbaijan against the background of a strong drop in oil prices, but since the end of March, demand began to gradually decline. In July there was an increase in demand for exchange at auctions.

According to the State Oil Fund, in January through September 2020, the Fund sold foreign currency worth $ 5.6 billion at foreign exchange auctions in January through September 2020, which indicates an increase of 24.3 percent compared to the same period last year.

According to SOFAZ, this year it is planned to sell foreign currencies for $ 6.8 billion at foreign exchange auctions.

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