Central Bank of Azerbaijan discloses amount of foreign currency bought by local banks

Central Bank of Azerbaijan discloses amount of foreign currency bought by local banks

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 bought $70.7 million, Trend reports citing CBA.

According to CBA, the banks’ demand at the auction amounted to $70.7 million and was fully met.

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

In accordance with SOFAZ’s data, from January through August 2020, SOFAZ sold the foreign currency in the amount of $5.4 billion at currency auctions, which is by 25 percent more compared to the same period of last year.

SOFAZ plans to sell foreign currency worth $6.8 billion at currency auctions this year.

The CBA began to hold foreign exchange auctions through unilateral sale of foreign currency in competitive conditions since January 2017.

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