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Azerbaijani banks buy $50M from State Oil Fund at auction

Business Materials 19 July 2016 14:50
The State Oil Fund of Azerbaijan (SOFAZ) sold $50 million to 29 banks through an auction held by the Central Bank of Azerbaijan (CBA).
Azerbaijani banks buy $50M from State Oil Fund at auction

Baku, Azerbaijan, July 19

By Azad Hasanli – Trend:

The State Oil Fund of Azerbaijan (SOFAZ) sold $50 million to 29 banks through an auction held by the Central Bank of Azerbaijan (CBA), SOFAZ said July 19.

As of July 1, 2016, SOFAZ's assets increased by 4.6 percent and amounted to $35.1 billion as compared to $33.57 billion in early 2016.

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.

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