Sale of US dollars to banks by SOFAZ down

Trend:

The State Oil Fund of Azerbaijan (SOFAZ) sold $422.7 million at the currency auctions organized by the country’s Central Bank (CBA) in May 2018, SOFAZ said June 1.

SOFAZ sold $802.6 million in April.

Since early 2018, the Azerbaijani banks bought over $2.5 billion from SOFAZ.

The currency is sold as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged in the volume of 9.216 billion manats for 2018.