BAKU, Azerbaijan, January 16. The Central Bank of Azerbaijan (CBA) held another currency auction with the participation of the State Oil Fund of Azerbaijan (SOFAZ) on January 16, 2024, Trend reports referring to the statement of CBA.
According to the CBA, the auction's demand was $52.9 million (down 34.20 percent or $27.5 million from the previous auction) and was entirely met.
At the same time, the prior currency auction drew $80.4 million.
At the end of the auction, the weighted average exchange rate was 1.7 AZN/USD.
Currency auctions have generated $208.2 million since the start of the year. The maximum currency demand of $80.4 million was registered at the auction on January 11, 2024.
Furthermore, $3.8 billion was purchased at currency auctions in 2023.
However, the average demand at the currency auctions organized by the CBA in 2022 was $52.4 million, while the supply was $70 million.
The CBA started conducting currency auctions by unilateral sale of foreign currency on competitive terms in the middle of January 2017.
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