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.