CBA holds auction with participation of State Oil Fund of Azerbaijan

By Trend

The Central Bank of Azerbaijan (CBA) held a new foreign exchange auction with the participation of the State Oil Fund of Azerbaijan (SOFAZ) on October 5, Trend reports referring to the official website of the CBA.

According to the CBA, demand at the auction amounted to $73.3 million and was fully met.

As a result of the auction, the weighted average exchange rate of the manat against the US dollar amounted to 1.7 manat / $1.

It is noted that since 2017, the Central Bank of Azerbaijan has begun to apply a new mechanism of currency auctions, which allows market participants to place orders for the purchase or sale of currency in both directions.