Banks more than halve demand at currency auction


November 10, Fineko/ The Central Bank of Azerbaijan (CBA) held a currency auction with the participation of the State Oil Fund.

According to the CBA, $22.8 million was sold at today’s auction, which is $24.8 million or 2.1-fold (52.10%) less than at the last auction. At the auction on 3 November, the Central Bank sold $47.6 million worth of currency to banks.

"The demand from banks at the currency auction amounted to $22.8 million and was fully secured," the CBA said in a statement.

As a result of the auction, the weighted average exchange rate of the manat was formed at the level of 1.7000 AZN/USD.