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Azerbaijan shares information on overseas forex need of area banking companies

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

By Zeyni Jafarov – Craze:

The Central Bank of Azerbaijan (CBA) offered $56.1 million to the regional financial institutions at the international trade auction held with the participation of the Condition Oil Fund of Azerbaijan (SOFAZ) on February 11, 2021, Pattern experiences citing the country’s CBA.

The need from banking companies at the auction was completely fulfilled in spite of a decrease by 1.75 p.c as opposed to the former indicator.

At the conclusion of the auction, the weighted ordinary fee of the manat to the greenback amounted to 1.7 AZN / USD.

The very first foreign trade auction for a lengthy time was held with the participation of SOFAZ on March 10, 2020, in the course of which Azerbaijani banks acquired $323.2 million.

The CBA started to carry out currency auctions by way of a one-way sale of currency in a aggressive natural environment from mid-January 2017.

In March 2020, it was made the decision to hold incredible forex auctions thanks to the increased need of the inhabitants for foreign currency amid the failure of the OPEC + deal, which led to a sharp drop in oil rates.

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Follow the writer on Twitter : @jafarov_zeyni

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