The lowest rate of Azerbaijan’s national currency, manat, against the US dollar was set at 1.609 AZN/USD after a currency auction held by the Central Bank of Azerbaijan (CBA) on Oct. 20, said the CBA.

The auction started at a price of 1.603 manats per US dollar, according to the CBA.

Under a new mechanism, the official rate of manat is set based on the weighted average rate in accordance with the transactions concluded with commercial banks in the interbank foreign exchange market and in auctions.

On the days when no auction is held, manat’s official rate against the US dollar will be set based on the weighted average rate formed in the currency market on the basis of the currency purchase and sale transactions between banks.