The Central Bank of Azerbaijan (CBA) held a foreign exchange auction with the participation of the State Oil Fund of Azerbaijan (SOFAZ) on October 27, 2020, and sold $64.1 million to Azerbaijani banks, Trend reports citing CBA.
The demand from Azerbaijani banks decreased by 0.3 percent compared to the previous auction and was fully provided.
The average rate of manat has been formed at 1.7 manat ($1) at the auction.
The first foreign exchange auction during a long period was held on March 10, 2020, with the participation of the State Oil Fund. Azerbaijani banks purchased $323.2 million at that auction.
The CBA began to conduct currency auctions through a one-way sale of currency in a competitive environment in mid-January 2017.
A decision was made in March 2020 to hold the extraordinary currency auctions in connection with the increased demand of the population for foreign currency amid the failure of the OPEC + deal, which led to a sharp drop in oil prices.
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