Supply exceeds demand by over 5-fold at today's auction

Baku. 9 February. REPORT.AZ/ 35 mln USD put up for sale by Central Bank of Azerbaijan CBA and the State Oil Fund of Azerbaijan (SOFAZ) at today's currency auction was not fully sold.

Report was told in banking circles, about 6.5 mln USD or 19% of total funds were sold. At the previous auction on February 7 about 12 mln USD (34%) were sold, earlier, on February 2, 24 mln USD (69%) realized.

Analytical Group of Report said, funds that were not sold at auction can be put up for sale at next auctions by adding to the current amount (35 mln USD).This will lead to stability in the exchange rate of the dollar.

Notably, SOFAZ will put up for sale 6.1 bln AZN or 3.5 bln USD based on the exchange rate forecast of 1.75 AZN/USD. 

According to the Analytical Group that means 35 mln USD at each auction. At present ,the same amount put up for sale at auctions.