SOFAZ sells almost $3B to Azerbaijani banks

By  Trend

The State Oil Fund of Azerbaijan (SOFAZ) sold $318.7 million at the currency auctions organized by the country’s Central Bank (CBA) in October 2017, SOFAZ said on November 3.

SOFAZ sold around $2.8 billion at the currency auctions in January-October 2017. In total, the Azerbaijani banks bought about $4.92 billion from SOFAZ in 2016.

SOFAZ will continue selling the currency through auctions in 2017.

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.