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Starting from February 2021, there is a significant reduction in demand at currency auctions, including in the segment of cash and non-cash trading of the foreign exchange market, according to the Central Bank, TURAN reported.

A Central Bank report says that 19 currency auctions were held in the second quarter, and the demand was less than supply in 18 of them.

The Central Bank reported that currently funds of the State Oil Fund that were not realized at auctions as set forth in the schedule amount of $ 364 million. According to initial estimates, in the first quarter of 2021, the country’s current account balance formed a surplus of 5.6% of GDP.

The Central Bank believes that the trend of reducing demand is due to the acceleration of the global economy revival in terms of the implementation of vaccination programs, the recovery of oil prices in the global energy market, and the growth of non-oil exports.