Demand for US dollar decreases in Azerbaijan

Thu 09 August 2018 15:02 GMT | 15:02 Local Time

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After a currency auction of the Central Bank of Azerbaijan (CBA) held on Aug. 9 with the participation of the State Oil Fund, the average rate of the Azerbaijani manat to the US dollar was formed at 1.7 AZN/USD, the CBA said in a statement.

A source in the banking circles of the country told Trend that $70 million was offered to banks at the auction, but the demand for foreign currency amounted to $41.2 million.

The source noted that at the previous auction, the demand was also lower than the supply - $57.2 million against $70 million. Thus, this week, with a supply of $140 million, the demand was much lower at $98.4 million.

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