SOFAZ Sells $ 50 Million to Banks

Today the State Oil Fund of Azerbaijan (SOFAZ) through an auction organized by the Central Bank of Azerbaijan sold $ 50 million. According to SOFAZ, since April it has exposed not $ 100 million as before, but half the amount.

The latest auction was attended by 14 banks, while the Central Bank itself did not participate. In general, in May, SOFAZ has sold an estimated $ 331.9 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 transfers to the state budget, 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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