Cause of high sales at currency auctions named


January 28, Fineko/ Central Bank’s chairman Elman Rustamov has named the cause of the high sales at currency auctions in November, December 2021 and January 2022.

ABC.AZ reports that according to Rustamov, the demand for foreign currency at auctions has increased in recent months.

"The increase in demand for foreign currency is linked with an increase in budget expenditures at the end of the year and, in connection with this, more funds have entered circulation. We expected this. At the last auction (January 27), demand decreased slightly. Since the population already understands that the exchange rate of the manat will remain stable in 2022, it has also reduced the purchase of a cash dollar,” he said.

It should be noted that sales have exceeded $100 million at many auctions held so far.