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SOFAZ decreases sales of foreign currency to Azerbaijani banks

13 March 2019 11:18 (UTC+04:00)
SOFAZ decreases sales of foreign currency to Azerbaijani banks

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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