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Azerbaijan shares data on overseas currency demand of area banking companies

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(MENAFN – Pattern News Company) BAKU, Azerbaijan, Feb. 11

By Zeyni Jafarov – Craze:

The Central Financial institution of Azerbaijan (CBA) offered $56.1 million to the nearby banks at the foreign trade auction held with the participation of the Point out Oil Fund of Azerbaijan (SOFAZ) on February 11, 2021, Craze reviews citing the country’s CBA.

The demand from customers from banks at the auction was thoroughly achieved regardless of a reduce by 1.75 p.c when compared to the previous indicator.

At the end of the auction, the weighted normal amount of the manat to the greenback amounted to 1.7 AZN / USD.

The to start with foreign exchange auction for a extensive time was held with the participation of SOFAZ on March 10, 2020, in the course of which Azerbaijani banks bought $323.2 million.

The CBA commenced to conduct currency auctions as a result of a one particular-way sale of currency in a competitive environment from mid-January 2017.

In March 2020, it was decided to maintain remarkable currency auctions thanks to the greater demand of the inhabitants for foreign forex amid the failure of the OPEC + offer, which led to a sharp drop in oil rates.


Observe the writer on Twitter : @jafarov_zeyni


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