Azerbaijan's Central Bank holds regular foreign exchange auction

By Trend

The Central Bank of Azerbaijan (CBA) held a regular currency auction involving the State Oil Fund of Azerbaijan (SOFAZ) on October 4, Trend reports referring to the CBA.

According to the bank, the demand of local banks for foreign currency amounted to $37.1 million and was fully satisfied.

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.