At today's foreign exchange auction demand exceeded supply by three times

Baku. 4 March. REPORT.AZ/The State Oil Fund of Azerbaijan (SOFAZ) today via theCentral Bank of Azerbaijan put up100 mln USD for the auction.

The demand of commercial banks amounted to 290 mln AZN at the auction, which is about three times greater than the supply.

Analytical group of Report forecasted USD official exchange rate for March 7 at 1,61 AZN/USD.

Report informs for this reason, the official exchange rate is projected to increase by 0.5%, which is established on March 7 at the level of 1,6099 AZN / USD.

In this case, the official exchange rate in Azerbaijan will update the historical maximum.Thus, on January 25, the maximum rate was equal 1,6054 AZN / USD.The new record exceeds the rate by 0.28%.

Analytical Group of Report believes that on 7 March planned another currency auction, and if nothing changes, on March 9 official rate will reach 1,6180 AZN / USD.

Note that the 26 commercial banks took part in today's auction.