Demand At Central Bank Of Azerbaijan Currency Auction Keeps Rising

11/7/2024 5:13:11 AM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 7. The Central Bank of Azerbaijan (CBA) held a regular currency auction on November 7, Trend reports via CBA.

The CBA data indicates that the demand at the auction amounted to $77.1 million (an increase of 11.26 percent or $7.8 million compared to the previous auction) and was fully satisfied.

Note that, during the latest currency auction, the aggregate demand reached an impressive $69.3 million.

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

A total of $6.2 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 this year: $151.1 million.

Moreover, 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, in May - $558.6 million, in June - $581 million, in July - $597.1 million, in August - $649.1 million, in September - $582.87 million, and in October - $738.7 million.

To recall, in mid-January 2017, the CBA began conducting currency auctions by the unilateral selling of foreign currency under competitive settings, and in 2023, a whopping $3.8 billion changed hands at currency auctions.

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