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Azerbaijani banks, central bank buy almost $50M at auction

Business Materials 19 May 2016 17:10
The State Oil Fund of Azerbaijan (SOFAZ) sold $41.4 million to seven banks through an auction held by the Central Bank of Azerbaijan (CBA), said SOFAZ May 19.
Azerbaijani banks, central bank buy almost $50M at auction

Baku, Azerbaijan, May 19

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The State Oil Fund of Azerbaijan (SOFAZ) sold $41.4 million to seven banks through an auction held by the Central Bank of Azerbaijan (CBA), said SOFAZ May 19.

Meanwhile, CBA itself acquired $7 million at the auction.

SOFAZ was offering $50 million for sale through the auction.

SOFAZ will continue selling foreign currency through auctions in 2016.

The foreign currency is sold as part of SOFAZ's transfers to the Azerbaijani state budget, which are envisaged to stand at 7.615 billion Azerbaijani manats in 2016.

SOFAZ was established in 1999 with assets of $271 million.

As of April 1, 2016, SOFAZ's assets increased by two percent and amounted to $34.25 billion compared to early 2016 ($33.57 billion).

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