BAKU, Azerbaijan, March 28. The Central Bank of Azerbaijan (CBA) has held a regular foreign exchange auction involving the State Oil Fund of Azerbaijan (SOFAZ), Trend reports via the CBA.
According to the bank, the demand at the auction amounted to $96.3 million and was fully met.
"The relatively high demand at the auction was conditioned with the accumulated demand due to two auctions which didn't take place according to the schedule in connection with the holidays [Novruz]," the CBA added.
The average weighted exchange rate of the Azerbaijani manat to the US dollar amounted to 1.7 AZN/1 USD based on the auction results.
During the previous auction, the demand amounted to $47.9 million.
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.