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Amount of foreign currency acquired by Azerbaijani banks via auction disclosed

Amount of foreign currency acquired by Azerbaijani banks via auction disclosed

Economy
08 September 2020, 17:40 74
The Central Bank of Azerbaijan (CBA) held a foreign exchange auction with the participation of the State Oil Fund of Azerbaijan (SOFAZ), during which Azerbaijani banks acquired $74.2 million, Trend reports citing CBA.
According to CBA, demand from the banks at the auction was fully provided.
In accordance with SOFAZ’s data, from January through August 2020 the fund sold the foreign currency in the amount of $5.4 billion, up 25 percent compared to the same period of last year. Most of the currency, i.e. $1.9 billion was sold in March, with the remaining $334 million in May.
As reported, SOFAZ plans to put up foreign currency worth $6.8 billion for sale this year.
The CBA began to hold foreign exchange auctions through unilateral sale of foreign currency in competitive conditions since mid-January 2017.
In March 2020, it was decided to hold extraordinary foreign exchange auctions in connection with the increased demand of the population for foreign currency amid the failed OPEC+ deal, which entailed a sharp decline in oil prices.