CBA holds regular foreign exchange auction

The Central Bank of Azerbaijan (CBA) held a regular currency auction with the participation of the State Oil Fund of Azerbaijan (SOFAZ), Azernews reports referring to the bank.

According to the CBA, the foreign currency demand of local banks amounted to $15.8 million and was fully met.

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

The Central Bank has begun to conduct foreign exchange auctions through a one-way sale of currency in a competitive environment since mid-January 2017.