SOFAZ suspends sale of foreign currency on domestic

24 November 2024

SOFAZ suspends sale of foreign currency on domestic market

22:09 30 October 2015 Read: 834

SOFAZ suspends sale of foreign currency on domestic market

State Oil Fund of Azerbaijan (SOFAZ) has suspended operations for the sale of currency on the domestic open market.

Central Bank of Azerbaijan Republic, SOCAR and the SOFAZ act as the main sellers of currency on the regulated foreign exchange market.

Earlier, central bank stated the need to increase the number of "players" on the regulated foreign exchange market in connection with the transition to a floating exchange rate regime.

Note that, the State Oil Fund sells currency at the price of about 0,001 manats below the price offered by Central Bank.

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