Sale exceeds $50 mln at today's foreign exchange auction

Baku. 16 February. REPORT.AZ/ At today's currency auction organized by Central Bank of Azerbaijan (CBA) and the State Oil Fund of Azerbaijan (SOFAZ) were sold over 50 mln USD.

Report was told in banking circles, initially 35 mln USD were put up for sale, due to the higher demand the amount increased by about 16 mln USD.

Report believes additional 16 mln USD sold at today's auction were taken from residue formed at previous auctions: "Notably, as a result of lower demand at last auctions more than 60 mln USD saved. These reserve funds may be used in next auction. That means in next auctions 45 mln USD may be put up for sale in addition to 35 mln USD.

Notably, taking into account the average annual exchange rate of the dollar forecasted by SOFAZ at 1.75 AZN/USD level total of 3,5 bln USD planned to put up for sale or 35 mln USD in each auction.