Azerbaijan shifts to fully floating manat rate

The Central Bank of Azerbaijan will apply new rules of holding currency auctions beginning from this year.

News.Az reports that today's auction starts at 12.00 and finishes at 12.45.

A total of $75mln will be put for auction.

The sale will be carried by the prinAzerbaijan shifts to fully floating manat rate
ciple 'the bank which made the best offer'. Gradual (descending) implementation of orders is envisaged.

By the new rules, the Central Bank of Azerbaijan will declare the volume of currency put for auction in advance. It was decided to hold auctions on Mondays, Wednesdays and Fridays next week.

All the same, it is stated that the four percent margin is cancelled for commercial banks while defining the currency sale and purchase rate. The official USD rate for today is AZN 1.7742.
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