By Trend

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

According to the CBA, the demand of local banks for foreign currency amounted to $102.5 million and was fully met.

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

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