SOFAZ reduces sale of foreign currency to Azerbaijani banks

3 June 2019 15:28 (UTC+04:00)

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In May 2019, the State Oil Fund of Azerbaijan (SOFAZ) sold $352.4 million at currency auctions organized by Central Bank of Azerbaijan (CBA), Trend reports referring to the press service of the Fund.

SOFAZ sold $634.9 million In January 2019 at the currency auctions organized by the CBA, having then sold 316.2 million in February, $600.5 million in March, and $423.7 million in April.

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 in 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 AZN = 1.7 AZN on June 3)

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