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SOFAZ decreases sales of foreign currency to Azerbaijani banks

SOFAZ decreases sales of foreign currency to Azerbaijani banks
The State Oil Fund of Azerbaijan (SOFAZ) sold $634.9 million at currency auctions organized by the Central Bank in January 2019, Trend reports citing the Fund Feb. 6. SOFAZ sold to banks $677.1 million in December 2018. Azerbaijani banks bought in total over $5.8 billion from the Fund in 2018. The sale of currency is carried out as part of SOFAZ transfers to the state budget of Azerbaijan, which are planned at 11.6 billion manats in 2019. The official rate of manat for the next day is determined on the basis of the weighted average rate under transactions concluded with commercial banks in the interbank currency market and auctions. Auctions are held in the format of one-sided currency sale.

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