Oil Fund reduced direct sales at foreign exchange market of Azerbaijan


December 4, Fineko/abc.az. The State Oil Fund of Azerbaijan (SOFAZ) keeps transparency of its foreign currency sales at the domestic market.

SOFAZ reports that it sold the foreign currency for $208.9 million at the currency auctions in November versus $318.7 million in October 2017. Compared with October 2017, SOFAZ foreign currency sales decreased by 34.5%.

The Oil Fund sold $3.02 bn of foreign currency at currency auctions over the past 11 months of the year.

The record of SOFAZ direct currency sales fell on October 2016 ($371 million).

From 2017 the Fund has been participating in the foreign exchange market and indirectly – within the transfer from the SOFAZ budget to the Central Bank for maintenance of the financial stability.