SOFAZ provides 25% of sales in December currency auctions

Namig Huseynov
Post's author

Only $149.9 million, or 24.8%, of the $603.8 million sold in currency auctions held by the Central Bank of Azerbaijan (CBA) in November 2023, belonged to the State Oil Fund of Azerbaijan (SOFAZ), Report informs, citing SOFAZ.

In other words, the CBA had to auction a part of its foreign exchange reserves ($453.9 million) last month. However, during the month, the Bank's foreign exchange reserves increased by $997.1 million, or 9.4%, to $11,613 million from $10,615.9 million.

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