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Demand at currency auction of Azerbaijan's Central Bank goes up

Economy Materials 11 January 2024 17:49 (UTC +04:00)
Zulfiyya Gurbanova
Zulfiyya Gurbanova
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BAKU, Azerbaijan, January 11. The Central Bank of Azerbaijan (CBA) conducted a currency auction with the participation of the State Oil Fund of Azerbaijan (SOFAZ) on January 11, 2024, Trend reports.

According to the CBA, demand at the auction totaled $80.4 million (up 7.34 percent, or $5.5 million, from the previous auction) and was fully met.

At the previous currency auction, the demand amounted to $74.9 million.

The weighted average exchange rate after the auction amounted to 1.7 AZN/1 USD.

Since the beginning of the year, $155.3 million have been purchased at currency auctions. The maximum demand for foreign currency was recorded at the auction on January 11, 2024 - $80.4 million.

Meanwhile, $3.8 billion was bought at currency auctions in 2023.

The average demand at currency auctions organized by the CBA in 2022 amounted to $52.4 million, while the supply amounted to $70 million.

The CBA started conducting foreign exchange auctions through the unilateral sale of foreign currency on competitive terms in the middle of January 2017.

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