Azerbaijani banks buy over $34M from State Oil Fund

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) sold $34.3 million to two local banks through the auction held by Azerbaijan’s Central Bank (CBA) March 18, SOFAZ said March 18.

SOFAZ offered $100 million for sale through the auction, and 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.

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.

/By Trend/