SOFAZ sells over $2B to local banks
By Trend
The State Oil Fund of Azerbaijan (SOFAZ) sold $292.6 million at the currency auctions organized by the country’s Central Bank (CBA) in August 2017, SOFAZ said on September 5.
During the eight months of 2017, SOFAZ sold more than $2.23 billion at the currency auctions. In total, the Azerbaijani banks bought about $4.92 billion from SOFAZ in 2016.
SOFAZ will continue selling the currency through auctions in 2017.
The currency is sold as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged in the volume of 6.1 billion manats for 2017.
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