Banks increase demand by 27% at currency auction


December 1, Fineko/ The Central Bank of Azerbaijan has held a currency auction with the participation of the State Oil Fund.

According to the CBA, $82.9 million was sold at the currency auction on 1 December ($17.6 million, or 26.95%) more than at the last auction. At the auction on 29 November, the CBA sold currency for $65.3 million to banks.

"The demand from banks at the currency auction amounted to $82.9 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.