Demand at currency auction of Central Bank of Azerbaijan falls

BAKU, Azerbaijan, April 16. The Central Bank of
Azerbaijan (CBA) has held the next currency auction today, Trend reports.

According to CBA, the auction’s demand was $72.4 million, an
8.24 percent or $6.5 million decrease from the previous auction,
and was fully met.

Meanwhile, interest for the preceding currency auction reached
$78.9 million.

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

To date, $2.099 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 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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