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Azerbaijan shares facts on international currency demand from customers of neighborhood banks

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(MENAFN – Development Information Agency) BAKU, Azerbaijan, Feb. 11

By Zeyni Jafarov – Craze:

The Central Lender of Azerbaijan (CBA) marketed $56.1 million to the nearby banks at the foreign trade auction held with the participation of the Condition Oil Fund of Azerbaijan (SOFAZ) on February 11, 2021, Trend reviews citing the country’s CBA.

The demand from customers from financial institutions at the auction was completely satisfied despite a minimize by 1.75 per cent compared to the earlier indicator.

At the stop of the auction, the weighted average rate of the manat to the greenback amounted to 1.7 AZN / USD.

The initially overseas exchange auction for a extensive time was held with the participation of SOFAZ on March 10, 2020, all through which Azerbaijani financial institutions purchased $323.2 million.

The CBA began to perform currency auctions by way of a just one-way sale of currency in a competitive ecosystem from mid-January 2017.

In March 2020, it was decided to hold incredible forex auctions because of to the increased need of the population for international currency amid the failure of the OPEC + offer, which led to a sharp fall in oil selling prices.


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