SOFAZ sells nearly $665M to Azerbaijani banks

Business Materials 5 March 2018 10:04 (UTC +04:00)

Baku, Azerbaijan, March 5

By Anvar Mammadov – Trend:

The State Oil Fund of Azerbaijan (SOFAZ) sold $364.1 million at the currency auctions organized by the country’s Central Bank (CBA) in February 2018, SOFAZ said March 5.

SOFAZ sold $299.1 million at the currency auctions in January 2018. Since early 2018, the Azerbaijani banks bought $663.2 million from SOFAZ.

The currency is sold as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged in the volume of 9.216 billion manats for 2018.