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SOFAZ SELLS OVER $3.5B TO AZERBAIJANI BANKS

This article was published on 06 January 2018 at 06:39 AM. It has 34 views so far.

The State Oil Fund of Azerbaijan (SOFAZ) sold $584.8 million at the currency auctions organized by the country’s Central Bank (CBA) in December 2017, SOFAZ said on January 5.

SOFAZ sold over $3.7 billion at the currency auctions in 2017. In total, the Azerbaijani banks bought about $4.92 billion from SOFAZ in 2016.

The currency is sold as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged in the volume of 6.1 billion manats for 2017.