Sale of US dollar by State Oil Fund of Azerbaijan at currency auctions up in July 2020

Sale of US dollar by State Oil Fund of Azerbaijan at currency auctions up in July 2020

BAKU, Azerbaijan, Aug.4

By Fidan Babayeva – Trend:

The State Oil Fund of Azerbaijan (SOFAZ) sold $515.5 million in foreign exchange auctions in July 2020 against $373.2 million in the previous month, Trend reports on August 4 referring to the fund.

Since beginning of the year, SOFAZ sold $300.2 million at foreign exchange auctions organized by the Central Bank of Azerbaijan (CBA) in January, $543.4 million - in February, $1.9 billion - in March, $531.1 million - in April, and $334 million – in May.

In total, SOFAZ sold over $4 billion through foreign exchange auctions from January through June 2020, which is 53.8 percent more compared to the same period of 2019.

Currency sale is carried out within the framework of SOFAZ’s transfers to the state budget of Azerbaijan, which are envisaged for 2020 in the amount of 11.3 billion manat ($6.6 billion).

(1 USD = 1.7 AZN on Aug. 4)

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Follow the author on Twitter: @Fidan_Babaeva

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