Banks’ demand at currency auction decreased by 32%

12:51 - 30.03.2023

March 30, Fineko/ The Central Bank of Azerbaijan (CBA), with the participation of the State Oil Fund, held a currency auction on 30 March.

According to the CBA, at the foreign exchange auction on 30 March the demand of banks amounted to $65.4 million and was fully secured. This is $30.9 million or 32.09% less than at the last auction.

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

At a foreign exchange auction on 28 March the CBA sold $96.3 million to banks.

In March 2023, currencies worth $384 million were sold to banks at currency auctions, which is 27% less than in March 2022.

In the 1st quarter of 2023, the CBA sold $929.1 million to banks. This is 42.8% less than for Q1 of 2022.