Difference between the demand of banks for foreign currency and offer of SOFAR reduced a little

Today the State Oil Fund of Azerbaijan (SOFAR) by the second September auction, organized by the Central Bank of Azerbaijan, has sold a record $ 200 million, this time to 22 financial institutions (of 33 operating in the country of the bank.)

In addition to SOFAR at auction sold the currency and the Central Bank. Over $100 million was sold to the Central Bank. At the same time the demand for the American currency was $ 402.56 million.

According to SOFAR, in April he exposes not $ 100 million, as before, but half the amount, although the need for banks in the currency is much higher. In September, the SOFAR together with the CBA sold about $ 250 million.

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