The foreign exchange auction defines a new rate of manat

On October 5, the first currency auction was held by the Central Bank of Azerbaijan under the new rules. According to Turan,  the auction, which was conducted on the basis of «Bloomberg» system, commercial banks have the right not only to buy, but also to sell foreign currency.

Under the new rules, the participants  place their orders on the basis of the currency of the primary course of bidders (buyers and sellers), announced the auction organizer. The exchange rate varies depending on supply and demand. The auction ends with the policy outlined in the previous session.

The official exchange rate on the next day  is determined on the basis of the  average weighted exchange rate formed on the basis of contracts of commercial banks at an auction and the interbank foreign exchange market.

On  the days when the foreign exchange auction will be held, the official rate of the manat will be determined on the basis of the  average weighted rate determined by the commercial bank agreements in the interbank foreign exchange market. The first auction  completed by the course 1USD/1,6035AZN. This rate is below t than the  rate on the  previous day - 1.6115 AZN. -71D-