The Central Bank of Azerbaijan (CBA) held a regular foreign exchange auction involving the State Oil Fund of Azerbaijan (SOFAZ) on July 18, Trend reports.

According to the bank, the demand at the auction amounted to $32.1 million (a decrease compared to the previous auction of 39.88 percent, or $12.8 million) and was fully met.

During the previous auction, the demand amounted to $19.3 million.

The average weighted exchange rate of the Azerbaijani manat to the US dollar amounted to 1.7 AZN/1 USD based on the auction results.

Since the beginning of the year, $1.6 billion has been purchased at currency auctions. 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 Central Bank of Azerbaijan in 2022 amounted to 52.4 million manat ($30.8 million), while the supply was $70 million.

The CBA started conducting currency auctions by unilateral sale of currency under competitive conditions in mid-January 2017. Auctions are held in the form of a unilateral sale of currency under competitive conditions.

Source: TREND News Agency