CBA: Supply exceeds demand this year at 77% of currency auctions

12:26 - 16.09.2022


September 16, Fineko/abc.az. Since the beginning of 2022 the supply exceeded demand at 77% of currency auctions held by the Central Bank of Azerbaijan.

The CBA informs that there were significant savings on foreign exchange sales of the State Oil Fund.

"There are significant savings on SOFAZ sales. The ratio of supply and demand at auctions was also affected by the coverage of foreign exchange expenditures of the State Budget, mainly due to foreign exchange revenues of the state since this April. CBA’s intervention in the foreign exchange market amounted to $606.7 million for Jan-Aug, including $473.8 million for April-August," the CBA says.

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