Azerbaijani Banks Need More US Dollars

Today the State Oil Fund of Azerbaijan (SOFAZ) through an auction organized by the Central Bank of Azerbaijan sold another $ 50 million, this time to 32 financial institutions. In the last two auctions there were, respectively, 24 and 28 (total there are 37 operating banks). According to SOFAZ, since April it has exposed not $ 100 million, as before, but half the amount.

In the last nine auctions CBA did not participate directly as a buyer. In general, in June SOFAZ has sold about $ 350 million.

According to the Fund management, the sale of foreign currency will continue during 2016. Implementation of foreign currency sale by the Fund is carried out in the framework of the state budget transfers allocated for this year as 7 billion 615 million AZN. By January 1, SOFAZ assets amounted to $ 33.57 billion (minus 9.5% to early 2015).   --17D-

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