Azerbaijani banks buy over $60M through auction (UPDATE)

Business Materials 22 September 2016 17:45 (UTC +04:00)

details added (first version posted at 17:31)

Baku, Azerbaijan, Sept. 22

By Anvar Mammadov - Trend:

Some $61.4 million were sold to 19 Azerbaijani banks through an auction held by the Central Bank of Azerbaijan (CBA) Sept. 22, CBA said in a message Sept. 22.

As much as $150 million was put up for the auction, $100 million of the amount was provided by SOFAZ (State Oil Fund of the Azerbaijan Republic) and the remaining $50 million – by CBA.

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 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.