Azerbaijani banks’ demand for foreign currency continues to decline

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(MENAFN – Trend News Agency) BAKU, Azerbaijan, July 6

By Zeyni Jafarov – Trend:

The Central Bank of Azerbaijan (CBA) held a new currency auction with the participation of the Azerbaijan State Petroleum Fund (SOFAZ) on July 6, 2021, Trend reports referring to a CBA source.

According to the source, the demand of Azerbaijani banks during the auction decreased by 16.3% compared to the previous indicator and was fully satisfied.

During the auction, the CBA sold $ 55.1 million to local banks.

At the end of the auction, the weighted average rate of the manat against the US dollar was 1.7 AZN / USD.

The first currency auction in a long time was held with the participation of SOFAZ on March 10, 2020, during which Azerbaijani banks bought $ 323.2 million.

The BCA began to auction forex through a one-way sale of currencies in a competitive environment from mid-January 2017.

A decision was taken in March 2020 to hold an extraordinary currency auction due to the increased demand from the population for foreign currency amid the failure of the OPEC + deal, which resulted in a sharp drop in prices. petrol.

Follow the author on Twitter: @ jafarov_zeyni

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