SOFAZ increases sales of foreign currency to Azerbaijani banks
By Trend
In March 2019, the State Oil Fund of Azerbaijan (SOFAZ) sold $600.5 million at currency auctions organized by the Central Bank of Azerbaijan (CBA), Trend reports referring to the Fund’s press service.
In January 2019, SOFAZ sold $634.9 million at currency auctions organized by the Central Bank, and 316.2 million manats in February of the same year.
The sale of currency is carried out within the framework of the transfers of SOFAZ to the state budget of Azerbaijan, which are envisaged to be in the amount of 11.6 billion manats for 2019.
The official rate of the manat for the next day is determined on the basis of the weighted average rate on transactions concluded with commercial banks in the interbank foreign exchange market and auctions. Auctions are held through one-sided sales of currency.
($1=1.7 AZN on April 26)
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