SOFAZ to put up another $5 bn for sale


March 13, Fineko/abc.az. Expenditures relating to the transfer to the State Budget are an obligation of the State Oil Fund of Azerbaijan (SOFAZ) and should be met regardless of crude oil prices.

ABC.AZ reports with reference to SOFAZ that the Oil Fund’s budget for 2020 envisages a budget commitment of AZN 11.56 bn. In order to fulfill this obligation, expressed in manats, SOFAZ provides a total of $6.8 bn for the sale of foreign currency during the year.

Since the beginning of this year SOFAZ has put up $1.8 bn (AZN 3.08 bn) for sale. To fulfill the remaining obligation, the Fund must sell foreign currency in the amount of $5 bn that is a fairly large offer for foreign currency.

By Elmir Murad