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Demand at currency auction of Azerbaijani Central Bank decreases

Finance Materials 12 September 2024 22:19 (UTC +04:00)
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, September 12. The Central Bank of Azerbaijan (CBA) held another currency auction on September 12.

Data obtained by Trend from the Central Bank indicates that the demand at the auction amounted to $54.75 million (39.99 percent or $36.29 million reduction compared to the previous auction) and was fully satisfied.

Meanwhile, at the previous currency auction, the demand amounted to $90.74 million.

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

A total of $5.07 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.

However, a total of $417.1 million was purchased at currency auctions in January 2024, $870.6 million in February, $498.3 million in March, $623.4 million in April, and $558.6 million in May. $581 million in June and $597.1 million in July.

To note, about $3.836 billion was purchased at currency auctions in 2023.

The CBA started conducting currency auctions by unilateral sale of foreign currency under competitive conditions in mid-January 2017.

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