SOFAZ to continue to sell foreign currency through auctions

The State Oil Fund of Azerbaijan (SOFAZ) will continue to sell foreign currency through auctions this year.


Through an auction held by the Central Bank of Azerbaijan (CBA), SOFAZ has sold $50 million to 29 banks.


Solaz sells the foreign currency as part of its transfers to the Azerbaijani state budget, which are expected to reach 7.615 billion Azerbaijani manats in 2016.


SOFAZ was founded with assets of $271 million, in 1999.

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