In the foreign exchange auction of the Central Bank of Azerbaijan on August 4, the State Oil Fund of Azerbaijan (SOFAZ) sold 28 banks $ 49.4 million. Total $ 50 million was proposed.
At the last auction on August 2, SOFAZ sold 29 banks $ 49.1 million of the proposed $ 50 million.
The biggest buzz at the auction was on 28 July, when it sold $ 50 million, while 28 banks required $ 450 million.
The proceeds in AZN are sent to the budget. In 2016 SOFAZ is obliged to transfer AZN 6 billion to the state budget. -0-
Economics
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Azerbaijan’s Cabinet of Ministers approved a detailed framework for the preparation of sector-specific strategic plans aimed at guiding the country’s economic development over the medium term.
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Azerbaijan’s ADY Express, a subsidiary of Azerbaijan Railways CJSC, signed several strategic agreements on the sidelines of the Logitrans Türkiye 2024 exhibition in Istanbul, Turkey, reinforcing its commitment to expanding freight transport services along the Middle Corridor.
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Azerbaijan plans to establish state-of-the-art battery storage facilities for green energy with a total capacity of 350 MW within the next 4-5 years, a well-informed source in the Ministry of Energy told Turan.
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Shareholders of the Caspian gas condensate "Absheron" project plan to approve the Front End Engineering Design (FEED) in December, laying the groundwork for full-scale development of the field, an informed source told Turan.
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