Azerbaijan Central Bank’s demand at currency auctions decreases

BAKU, Azerbaijan, February 29. The Central Bank
of Azerbaijan (CBA) held another currency auction, Trend reports.

The CBA data shows that the demand at the auction amounted to
$80 million (a decrease of 23.88 percent or $25.1 million compared
to the previous auction) and was fully satisfied.

Meanwhile, at the previous currency auction, the demand amounted
to $105.1 million.

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

Since the beginning of the year, $1.2 billion has been purchased
at currency auctions. The maximum demand for currency was recorded
at the auction held on February 13, 2024 – $151.1 million. A total
of $417.1 million was purchased at currency auctions in January
2024 and $870.6 million in February.

However, $3.8 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.

Stay up-to-date with more news on Trend News
Agency’s WhatsApp channel