BAKU-The Central Bank of Azerbaijan (CBA) experienced a drop in demand at its most recent currency auction held on October 8:he Central Bank of Azerbaijan (CBA) experienced a drop in demand at its most recent currency auction held on October 8, where demand totaled $73.6 million, marking a decrease from the previous auction's $79 million. According to Trend News Agency, the demand reduction of 6.84 percent or $5.4 million was fully met during the auction. The weighted average exchange rate was established at 1.7 Azerbaijani manat (AZN) per US dollar. Since the beginning of the year, the CBA has executed currency auctions that have seen a cumulative purchase of $5.604 billion. Notably, the highest demand this year was recorded on February 13, with bids reaching $151.1 million. In a monthly breakdown provided by the CBA, January saw purchases of $417.1 million, followed by $870.6 million in February, and continuing with varying amounts each month, culminating in $582.87 million in September. In comparison, th e total amount purchased at currency auctions in 2023 was about $3.8 billion. The CBA initiated the practice of currency auctions in mid-January 2017, selling foreign currency unilaterally under competitive conditions to manage liquidity and exchange rates effectively.