SOFAZ increases sale of foreign currency to Azerbaijani banks

By  Trend

The State Oil Fund of Azerbaijan (SOFAZ) sold $815.4 million at currency auctions in August 2019, which is almost twofold more compared to the previous month, when $434.9 million were sold, Trend reports referring to SOFAZ.

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, $352.4 million in May, $315.9 million in June, $434.9 million – in July.

In general, SOFAZ sold $3.893 billion at foreign exchange auctions in January-August 2019, which is 8.3 percent less than in the same period of last year.

The currency is sold within SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged to be in the amount of 11.6 billion manats in 2019.

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