State Oil Fund sells $50M to Azerbaijani banks

The State Oil Fund of Azerbaijan (SOFAZ) sold $20 million to 11 banks through an auction held by the Central Bank of Azerbaijan (CBA), SOFAZ said May 26.

Meanwhile, CBA itself acquired $30 million at 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