The State Oil Fund of Azerbaijan (SOFAZ) sold $373.2 million through currency auctions organized by the Central Bank of Azerbaijan (CBA) in June, SOFAZ said in a message on July 3.
During the six months of 2017, SOFAZ sold more than $1.687 billion at currency auctions. In total, Azerbaijan’s banks bought around $4.92 billion from SOFAZ in 2016.
SOFAZ will continue selling 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 volume of 6.1 billion manats for 2017. (Trend/Business World Magazine)
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