Azeri c.bank intervenes in forex market, 1st time since July

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.