Azerbaijan's central bank conducted on Thursday $100 million in foreign exchange market interventions for the first time since mid-July to support the struggling manat currency.
The
manat traded at 1,6403 against the dollar on Thursday AZN=, 0.6 percent weaker than at the beginning of the month and hovering near its lowest since mid-March.
Spiking demand for dollars has been dragging the currency of the central Caucasus republic down, prompting an increasing number of banks to halt or substantially limit forex sales.
Twice-weekly sales of foreign currency by the SOFAZ state oil fund of $50 million per auction have not been enough to meet demand, which has recently exceeded the offered volume by nearly 10 times.
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