Azerbaijan’s Central Bank discloses results of foreign currency auction

By Trend

The Central Bank of Azerbaijan held another foreign exchange auction with the participation of the State Oil Fund of Azerbaijan (SOFAZ) on Nov. 12, Trend reports referring to the official website of the Central Bank of Azerbaijan (CBA).

According to the CBA, the demand at the auction amounted to $88.6 million and was fully satisfied.

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

It is noted that the CBA started to conduct currency auctions through one-sided sale of currency in a competitive environment from mid-January 2017. In March last year, it was decided to hold extraordinary foreign exchange auctions in connection with the increased demand of the population for foreign exchange against the backdrop of the failure of the OPEC + deal, which led to a sharp drop in oil prices.