SOFAZ reduces sale of foreign currency to Azerbaijani banks

By Trend

In April 2019, the State Oil Fund of Azerbaijan (SOFAZ) sold $423.7 million at currency auctions organized by the country's Central Bank (CBA), Trend reports referring to the press service of the fund.

In January 2019, SOFAZ sold $634.9 million at the currency auctions organized by the CBA, in February the fund sold 316.2 million manats, and in March - $600.5 million.

The sale of currency is carried out within the framework of the transfers of SOFAZ to the state budget of Azerbaijan, which are envisaged to be in the amount of 11.6 billion manats for 2019.

The official rate of the manat for the next day is determined on the basis of the weighted average rate on transactions concluded with commercial banks in the interbank foreign exchange market and auctions. Auctions are held through one-sided sales of currency.

(1 AZN = 1.7 AZN on May 7)