Azerbaijan’s Central Bank, State Oil Fund sell $200M to local banks at auction

Business Materials 12 July 2016 18:41 (UTC +04:00)

Baku, Azerbaijan, July 12

By Azad Hasanli – Trend:

Azerbaijan’s State Oil Fund (SOFAZ) and Central Bank (CBA) each sold $100 million to 29 banks through an auction, CBA said July 12.

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 2 percent and amounted to $34.25 billion as compared to $33.57 billion in early 2016.