Azerbaijani banks buy $34M at auction

The State Oil Fund of Azerbaijan (SOFAZ) sold $34 million to eight banks through an auction held by the Central Bank of Azerbaijan (CBA), said SOFAZ May 17.

Meanwhile, CBA itself acquired $15 million at the auction.

SOFAZ was offering $50 million for sale through the auction.

SOFAZ will continue selling foreign currency through auctions in 2016.

The foreign currency is sold as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged to stand at 7.615 billion Azerbaijani manats in 2016.

Source: Trend