SOFAZ Unable to Meet Banks` Demand for Foreign Currency
50 million USD was sold on the foreign exchange auction of the Central Bank of Azerbaijan on 28 July, submitted by the State Oil Fund of Azerbaijan (SOFAZ).
This time, in contrast to the previous auction, the demand was partially satisfied. 28th banks needed 450 million, but 50 million was sold (9 times less).
At the last auction on July 26 the supply and demand amounted to 50 million.
The proceeds in AZN are sent to the budget. In 2016 SOFAZ should transfer 6 billion AZN to the state budget. -0-
Economics
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