27.07.2016 - Azeri banks buy $50M from State Oil Fund at auction
The State Oil Fund of Azerbaijan (SOFAZ) sold $50 million to 27 banks through an auction held by the Central Bank of Azerbaijan (CBA), SOFAZ said July 26. SOFAZ will continue selling foreign currency through auctions in 2016. The foreign currency is sold as part of SOFAZís 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, SOFAZís assets increased by 4.6 percent and amounted to $35.1 billion as compared to $33.57 billion in early 2016...............................................Full Article: Source
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