Azerbaijani banks buy over $32M at auction

  29 April 2016    Read: 718
Azerbaijani banks buy over $32M at auction
The State Oil Fund of Azerbaijan (SOFAZ) sold $32.4 million to 14 banks through the auction held by the Central Bank of Azerbaijan (CBA), SOFAZ`s message said Apr. 28.
Meanwhile, the CBA obtained $10 million at the auction.

SOFAZ offered $50 million for sale through the auction, according to the message.

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 January 1, 2016, SOFAZ assets reduced by 9.5 percent compared to 2014 ($37.1 billion) and were estimated at $33.57 billion.

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