By Trend
The State Oil Fund of Azerbaijan (SOFAZ) sold $316.2 million at
currency auctions organized by the Central Bank of Azerbaijan in
February 2019, Trend reports with reference to the Fund March
13.
SOFAZ sold to banks $634.9 million in January this year.
The sale of currency is carried out as part of SOFAZ transfers
to the state budget of Azerbaijan, which are planned at 11.6
billion manats in 2019.
The official rate of manat for the next day is determined on the
basis of the weighted average rate under transactions concluded
with commercial banks in the interbank currency market and
auctions. Auctions are held in the format of one-sided currency
sale.
(1.7 manats = $1 on March 13)
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