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SOFAZ sells almost $2.5B to Azerbaijani banks

Tuesday, October 3
The State Oil Fund of Azerbaijan (SOFAZ) sold $252.2 million at the currency auctions organized by the countryís Central Bank (CBA) in September 2017, SOFAZ said Oct. 2.

During the nine months of 2017, SOFAZ sold around $2.49 billion at the currency auctions. In total, the Azerbaijani banks bought about $4.92 billion from SOFAZ in 2016.

SOFAZ will continue selling the currency through auctions in 2017.

The currency is sold as part of SOFAZís transfers to the Azerbaijani state budget, which are envisaged in the volume of 6.1 billion manats for 2017.