Demand for US dollar decreases in Azerbaijan

By  Trend

After a currency auction of the Central Bank of Azerbaijan (CBA) held on Aug. 9 with 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 were 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.