Azerbaijani banks buy over $49M from State Oil Fund

The State Oil Fund of Azerbaijan (SOFAZ) sold $49.4 million to 28 banks through an auction held by the Central Bank of Azerbaijan (CBA), SOFAZ said Aug. 4.

SOFAZ offered $50 million at the auction, but the banks’ demand was $49.4 million.

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.

SOFAZ was established in 1999 with assets of $271 million.

As of July 1, 2016, SOFAZ’s assets increased by 4.6 percent and amounted to $35.1 billion as compared to $33.57 billion in early 2016.

Source: Trend News Agency