Azerbaijan’s State Oil Fund sells $50M to local banks

The State Oil Fund of Azerbaijan (SOFAZ) sold $50 million to 30 banks through an auction held by the Central Bank of Azerbaijan (CBA) Sept. 6, SOFAZ said in a message Sept. 6.

SOFAZ will continue to sell 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.

SOFAZ was established in 1999 with assets of $271 million.

As of July 1, 2016, SOFAZ’s assets increased by 4.6 percent and amounted to $35.1 billion as compared to $33.57 billion in early 2016.