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SOFAZ sells almost $5B to local banks at auctions in 2016

Business Materials 30 December 2016 17:23
The State Oil Fund of Azerbaijan (SOFAZ) sold $246 million at the currency auctions held by the Central Bank of Azerbaijan (CBA) in December 2016.
SOFAZ sells almost $5B to local banks at auctions in 2016

Baku, Azerbaijan, Dec. 30

By Maksim Tsurkov – Trend:

The State Oil Fund of Azerbaijan (SOFAZ) sold $246 million at the currency auctions held by the Central Bank of Azerbaijan (CBA) in December 2016, SOFAZ said in a message Dec. 30.

In November 2016, SOFAZ sold $301.5 million, while, in total, the Azerbaijani banks bought about $4.92 billion from SOFAZ in 2016.

The state oil fund will continue selling currency through auctions in 2017.

The currency sale is carried out as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged in the volume of 7.615 billion manats for 2016.

On the days when no auction is held, manat’s official rate against the US dollar will be set based on the weighted average rate formed in the currency market on the basis of the currency purchase and sale transactions between banks.

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Follow the author on Twitter: @MaksimTsurkov

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