SOFAZ reduces dollar sales in currency auctions

Finance Materials 2 July 2019 15:23 (UTC +04:00)

Baku, Azerbaijan, July 2


The State Oil Fund of Azerbaijan (SOFAZ) sold foreign currency in the amount of $315.9 million at foreign exchange auctions in June 2019, Trend reports with reference to the fund.

This is 10.4 percent less than in the previous month, when the sales amounted to $352.4 million.

In the first half of the year, the total volume of SOFAZ sales at currency auctions was a little over $2.643 billion. This is 11 percent less compared to the same period last year, when over $2.936 billion were sold.

At currency auctions organized by the Central Bank this year, SOFAZ sold $634.9 million in January, $316.2 million in February, $600.5 million in March, and $423.7 million in April.

The sale of currency is carried out within the framework of SOFAZ transfers to the state budget of Azerbaijan, which are envisaged for 2019 in the amount of 11.6 billion manat.

The official rate of the manat for the next day is determined on the basis of the weighted average rate on transactions concluded with commercial banks in the interbank foreign exchange market and auctions. Auctions are held in the format of one-sided sale of currency.

($1-1.7 AZN on July 2)