Currency

Central Bank of Azerbaijan – Demand at currency auction goes down


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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