Baku, Azerbaijan, Oct. 7
By Anvar Mammadov – Trend:
The lower limit of the exchange rate of Azerbaijan’s national currency, the manat, against the US dollar was set at 1.6006 AZN/USD according to the results of the currency auction held by the Central Bank of Azerbaijan (CBA) on Oct. 7, the CBA said in a message posted on its website Oct. 7.
The auction started with the price of 1.6036 manats per US dollar, according to the message.
Under the new mechanism, the official rate of Azerbaijan’s national currency, the manat, will be set for the next day on the basis of the weighted average exchange rate in line with the transactions concluded with commercial banks in the interbank foreign exchange market and in auctions.
On the days when the auction isn’t held, manat’s official rate against the US dollar will be determined based on the weighted average rate formed in the currency market on the basis of the currency purchase and sale transactions concluded between banks.