Central Bank of Azerbaijan holds regular foreign exchange auction

By Trend

The Central Bank of Azerbaijan (CBA) held a regular foreign exchange auction involving the State Oil Fund of the Republic of Azerbaijan (SOFAZ) on December 6, Trend reports via the Central Bank.

According to the bank, the demand in the auction amounted to $49.2 million and was fully met.

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.