Demand at Azerbaijani Central Bank's currency auction increases

Economy Materials 13 June 2024 15:11 (UTC +04:00)
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, June 13. The Central Bank of Azerbaijan (CBA) held another currency auction on June 13, Trend reports.

The CBA data indicates that the demand at the auction amounted to $75.1 million (an increase of 16.43 percent or $10.6 million compared to the previous auction) and was fully satisfied.

Meanwhile, at the previous currency auction, the demand amounted to $64.5 million.

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

Furthermore, a total of $3.2 billion has been purchased at currency auctions since the beginning of the year. The maximum demand for currency was recorded at the auction held on February 13, 2024, - $151.1 million. In January 2024, $417.1 million was purchased at currency auctions; in February - $870.6 million; in March - $498.3 million; in April - $623.4 million; and in May - $558.6 million.

A sum of $3.8 billion was purchased at currency auctions in 2023.

To note, the CBA started conducting currency auctions through the unilateral sale of foreign currency under competitive conditions in mid-January 2017.

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