The Central Bank of Azerbaijan (CBA) held a foreign exchange auction with the participation of the State Oil Fund of Azerbaijan (SOFAZ), during which Azerbaijani banks bought $70.7 million, the press service of the CBA reported.

According to CBA, the banks’ demand at the auction amounted to $70.7 million and was fully met.

As a result of the auction, the weighted average rate of the manat to the US dollar amounted to 1.7 AZN / USD.

In accordance with SOFAZ’s data, from January through August 2020, SOFAZ sold the foreign currency in the amount of $5.4 billion at currency auctions, which is by 25 percent more compared to the same period of last year.

SOFAZ plans to sell foreign currency worth $6.8 billion at currency auctions this year.

The CBA began to hold foreign exchange auctions through unilateral sale of foreign currency in competitive conditions since January 2017.