Azeri SOFAZ sold $793.1 mln in forex market auctions in Q1 - cenbank

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10:08 | 17.05.2017

Azeri SOFAZ sold $793.1 mln in forex market auctions in Q1 - cenbank

Azeri central bank said on Tuesday that the state sovereign wealth fund SOFAZ has sold $793.1 million in the forex market auctions in the first quarter, down 47 percent year-on-year.

SOFAZ, which holds proceeds from oil contracts, oil and gas sales, transit fees and other revenues, uses the forex market auctions to prevent the manat exchange rate from sharp fluctuations.

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