Azerbaijan sets manat’s average rate for January 24

By  Trend

The average weighted rate of the Azerbaijani manat against the US dollar was set at 1.8559 AZN/USD for January 24 after a currency auction held by the country’s Central Bank (CBA) on January 23, said the CBA.

The currency auction was held with participation of the State Oil Fund of Azerbaijan (SOFAZ).

Under the new mechanism, the official rate of manat is set, based on the weighted average rate in accordance with the transactions concluded with commercial banks in the interbank foreign exchange market and in auctions. The auctions are held in the format of the unilateral sale of currency.

Auctions are held three times in a week.