Azerbaijan's Central Bank holds regular foreign exchange auction

By Trend

The Central Bank of Azerbaijan Republic (CBAR) held another currency auction with the participation of the State Oil Fund of Azerbaijan (SOFAZ), Trend reports referring to the CBAR.

According to the CBAR, the demand of local banks for foreign currency amounted to $81.3 million and was fully met.

The average weighted exchange rate of the manat to the US dollar amounted to 1.7 AZN/1 USD based on the results of the auction.

The CBA started holding foreign exchange auctions through the unilateral sale of foreign currency in competitive conditions from mid-January 2017.