The Central Bank of Azerbaijan (CBA) held the foreign exchange auction with the participation of the State Oil Fund of Azerbaijan (SOFAZ) on September 10, 2020, Trend reports with reference to the CBA.
According to the CBA, demand from banks at the auction amounted to $55.8 million and was fully met.
At the previous auction, on September 8, the CBA sold foreign currency to banks for $74.2 million.
At the end of the auction, the weighted average rate of the manat to the dollar amounted to 1.7 AZN/USD.
According to the SOFAZ, foreign currencies worth $5.4 billion were sold at foreign exchange auctions from January through August 2020, which is 25 percent more compared to the same period of 2019.
The SOFAZ said that this year it is planning to sell foreign currencies worth $6.8 billion at foreign exchange auctions.
Since January 12, 2017, the CBA began to apply a new mechanism of foreign exchange auctions and auctions are held in the form of a one-way sale of foreign currency in a competitive environment.
(1 USD = 1.7 manat on Sept. 10)
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