Demand on Azerbaijani Central Bank’s foreign exchange market exceeds 70%

BAKU, Azerbaijan, May 23. The Central Bank of
Azerbaijan (CBA) has held a regular foreign exchange auction
involving the State Oil Fund of Azerbaijan (SOFAZ), Trend reports.

According to the CBA, the demand at the auction amounted to
$33.9 million (growth by $14.7 million or 76.5 percent compared to
the previous auction) and was fully met.

During the previous auction, the demand amounted to $19.2

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

Since the beginning of the year, $1.4 billion has been purchased
at foreign exchange auctions. The maximum demand for the currency
was recorded at the auction held on March 28, 2023 – $96.3

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 in competitive conditions from mid-January 2017.
Auctions are held in the form of a unilateral sale of currency in
competitive conditions.

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