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Azerbaijani banks buy over $70M through auction

Business Materials 27 September 2016 19:16
Some $70.2 million were sold to 20 Azerbaijani banks through an auction held by the Central Bank of Azerbaijan (CBA) Sept. 27.
Azerbaijani banks buy over $70M through auction

Baku, Azerbaijan, Sept. 27

By Azad Hasanli – Trend:

Some $70.2 million were sold to 20 Azerbaijani banks through an auction held by the Central Bank of Azerbaijan (CBA) Sept. 27, CBA said in a message Sept. 27.

As much as $100 million was put up for the auction.

SOFAZ will continue selling foreign currency through auctions in 2016. The foreign currency is sold as part of SOFAZ’s transfers to 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.

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