SOFAZ increases sales of dollars to banks


The State Oil Fund of Azerbaijan (SOFAZ) sold $489.6 million at currency auctions organized by the Central Bank in October 2018, the Fund said in a message Nov. 5.

SOFAZ sold to banks $394.8 million in September. Since the beginning of the year, Azerbaijani banks have bought around $4.5 billion from the Fund.

The Oil Fund will continue the sale of foreign currency through auctions in 2018.

The sale of currency is carried out as part of SOFAZ transfers to the state budget of Azerbaijan, which are planned to stand at 10.966 billion manats in 2018.

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.

(1.7 manats = $1 on Nov. 5)