Azerbaijan's Central Bank doubles currency sales at auctions in Jan-Sept

BAKU. Dec 3 (Interfax) - The Central Bank of Azerbaijan boosted sales of foreign currency at auctions 2.1-fold year-on-year to nearly $5.378 billion in January-September 2024.

"The Central Bank organized 70 forex auctions, at which it sold [nearly] $5.378 billion in the first nine months this year, 2.1-fold more than the previous year," a source on the forex market told Interfax.

The source said that the highest monthly volume of foreign currency sales occurred in February, totaling $870.6 million in the period.

Interfax's source also said that there has been increased demand for foreign currency this year. "The average demand for foreign currency at auction was $36 million in January-September 2023, and the figure has grown to $76.8 million since the beginning of 2024," the source said.

The rise in goods imported to Azerbaijan, among other factors, contributed to growth in demand for foreign currency in the first nine months of 2024.