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Azerbaijan Central Bank’s demand at currency auctions decreases

BAKU: The Central Bank of Azerbaijan (CBA) held another currency auction, Trend reports.

The CBA data shows that the demand at the auction amounted to $80 million (a decrease of 23.88 percent or $25.1 million compared to the previous auction) and was fully satisfied.

Meanwhile, at the previous currency auction, the demand amounted to $105.1 million.

The weighted average exchange rate at the end of the auction amounted to 1.7 AZN/1 USD.

Since the beginning of the year, $1.2 billion has been purchased at currency auctions. The maximum demand for currency was recorded at the auction held on February 13, 2024 – $151.1 million. A total of $417.1 million was purchased at currency auctions in January 2024 and $870.6 million in February.

However, $3.8 billion was purchased at currency auctions in 2023.

The CBA started conducting currency auctions by unilateral sale of foreign currency under competitive conditions in mid-January 2017.

Source: Trend News Agency