Demand at Azerbaijani Central Bank’s currency auction goes down

BAKU, Azerbaijan, June 4. The Central Bank of
Azerbaijan (CBA) has held the next currency auction today, marking
a decrease in demand, Trend reports.

The CBA data shows that the auction’s demand was $72.8 million,
down to 34.12 percent or $37.7 million over the previous auction,
and was completely met.

Meanwhile, at the previous currency auction, demand totaled
$110.5 million.

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

To date, $3.04 billion has been purchased at currency auctions
since the start of the year. The highest currency demand was
reported at the auction held 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, $498.3 million in
March, $623.4 million in April, and $558.6 million in May.

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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