By Trend

The Central Bank of Azerbaijan (CBA) held a foreign currency auction with the participation of the State Oil Fund (SOFAZ) on November 25, Trend reports via the CBA.

According to the CBA, the demand of local banks for the foreign currency amounted to $105.5 million and was fully met.

At the end of the auction, the weighted average rate of the manat to the US dollar amounted to 1.7 AZN/USD.

The CBA began to conduct currency auctions through a one-way sale of currency in a competitive environment from mid-January 2017.

A decision was made in March 2020 to hold extraordinary currency auctions due to the increased demand of the population for foreign currency amid the failure of the OPEC + deal, which led to a sharp drop in oil prices.