Azerbaijan’s State Oil Fund sells over $1B to local banks since early 2017
Baku, Azerbaijan, May 1
By Azad Hasanli - Trend:
The State Oil Fund of Azerbaijan (SOFAZ) sold $220.8 million at the currency auctions held by the Central Bank of Azerbaijan (CBA) in April 2017, SOFAZ said in a message May 1.
SOFAZ sold over $1.014 billion in January-April 2017, while, in total, the Azerbaijani banks bought around $4.92 billion from SOFAZ in 2016.
SOFAZ will continue to sell currency through auctions in 2017.
The currency is sold as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged in the amount of 6.1 billion manats for 2017.