SOFAZ sold $2.4 million to four banks

SOFAZ offered $50 million for sale through the auction. 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 January 1, 2016, SOFAZ assets reduced by 9.5 percent compared to 2014 ($37.1 billion) and were estimated at $33.57 billion.