Azerbaijan Central Bank’s currency auction demand grows

The Central Bank of Azerbaijan (CBA) has held another currency
auction today, Azernews reports.

According to CBA data, the auction’s demand was $78.9 million (a
22.33 percent increase or $14.4 million over the previous auction)
and was completely satisfied.

Meanwhile, at the previous currency auction, demand totaled
$64.5 million.

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

To date, $2.027 billion has been purchased at currency auctions
since the start of the year. The highest currency demand was
reported at the auction conducted on February 13, 2024, at $151.1
million. In January 2024, $417.1 million was spent at currency
auctions, followed by $870.6 million in February and $498.3 million
in March.

To note, a total of $3.836 billion was purchased at currency
auctions in 2023.

The CBA began conducting currency auctions through the
unilateral sale of currency in competitive conditions in
mid-January 2017.

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