By Trend

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

According to the CBA, the demand of local banks for foreign currency amounted to $48.3 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 has begun to conduct foreign exchange auctions through a one-way sale of currency in a competitive environment since mid-January 2017.