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Demand for foreign currency in Azerbaijan slides

Demand for foreign currency in Azerbaijan slides

Economy
01 September 2020, 17:46 103
The Central Bank of Azerbaijan (CBA) held a foreign exchange auction with the participation of the State Oil Fund of Azerbaijan (SOFAZ), Trend reports on Sept.1 citing CBA.
According to CBA, demand from the banks at the auction made up $63.7 million and was fully provided, however, with decrease by 1.7 percent or by $1.1 million compared to the previous auction held on Aug.27.
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.