SOFAZ sells $50M to Azerbaijani banks

The State Oil Fund of Azerbaijan (SOFAZ) sold $50 million to 14 banks through an auction held by the Central Bank of Azerbaijan (CBA), said SOFAZ May 24.

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.

Source: Trend