SOFAZ sells over $540M to local banks

By  Trend

The State Oil Fund of Azerbaijan (SOFAZ) sold $258.4 million in February 2017 at currency auctions organized by the Central Bank, SOFAZ said March 1.

Since early 2017, SOFAZ sold $543.4 million at currency auctions.

The Azerbaijani banks bought nearly $4.92 billion from SOFAZ in 2016.

The State Oil Fund will continue selling currency through auctions in 2017.

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