SOFAZ Sells $ 50 Million to Thirteen Banks

Today the State Oil Fund of Azerbaijan (SOFAZ) through an auction organized by the Central Bank of Azerbaijan sold $ 50 million to 13 financial institutions.

According to SOFAZ, since April it has exposed not $ 100 million, as before, but half the amount. In general, in May, SOFAZ sold about $ 432 million.

According to the Fund management, the sale of foreign currency will continue during 2016. Implementation of foreign currency sales 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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