Tokyo, 15 December, /AJMEDIA/
On December 14, 2023, the Central Bank of Azerbaijan (CBA) organized another currency auction with the participation of the State Oil Fund of Azerbaijan (SOFAZ), AJMEDIA reports.
The auction’s demand was $70.9 million (an increase of 2.6 percent, or $1.8 million, over the previous auction), according to CBA figures, and it was fully met.
The previous auction’s bid was $69.1 million.
Based on the auction results, the average weighted exchange rate of the Azerbaijani manat to US dollar was 1.7 AZN per USD.
Currency auctions have raised $3.512 billion since the beginning of the year. At the auction on March 28, 2023, the currency got a record-high bid of $96.3 million.
In 2022, the average demand for currency auctions held by the Central Bank of Azerbaijan was 52.4 million manat ($30.8 million), while the supply was $70 million.
Furthermore, in mid-January 2017, the CBA began conducting currency auctions with one-way sales of money under competitive conditions.
