SOFAZ 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.
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.
Azerbaijani banks buy $50M from State Oil Fund at auction
21 July 2016
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The State Oil Fund of Azerbaijan (SOFAZ) sold $50 million to 26 banks through an auction held by the Central Bank of Azerbaijan (CBA), SOFAZ said July 21.
