Azerbaijan’s State Oil Fund resumes dollar sale
14.01.2016 12:00
Azerbaijan’s State Oil Fund (SOFAZ) resumed the sale of dollars on Wednesday as demand for the US currency soared.
SOFAZ sold $200 million to 32 banks in an auction organized by the Central Bank, the fund said in a statement.
The sovereign wealth fund said it will continue selling foreign currencies in auctions this year.
SOFAZ sells foreign currencies to buy manat, which it transfers to Azerbaijan’s state budget.
The fund had $33.6 billion of assets as of Dec. 1.
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