SOFAZ Sells $ 50 Million to 29 Banks

Today the State Oil Fund of Azerbaijan (SOFAZ) by the second July auction, organized by the Central Bank of Azerbaijan, has sold another $ 50 million, this time to 29 financial institutions (of the 37 banks operating in Azerbaijan).

According to SOFAZ, since April it has exposes not $ 100 million, as before, but half the amount. In the last 11 auctions CBA was not directly involved as a buyer. In general, in July, SOFAZ has sold about $ 100 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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