SOFAZ plans to put average of $35 mln at auctions

Baku. 9 February. REPORT.AZ/ The State Oil Fund of Azerbaijan (SOFAZ) plans to sell an average $35 mln at exchange auctions of Central Bank of Azerbaijan (CBA) in 2017.

Analytical Group of Report informs, taking into account 6.1 bln AZN, which was planned to transfer to the state budget this year at average annual rate of 1,75 AZN/USD, US-dollar supply is expected to reach 3.5 bln USD. This means that about $290 mln will be put in monthly auctions.

During 8 auctions per month volume of dollar supply will be $35-36 mln for each auction. Currently SOFAZ puts US-dollars at approximately the same volume.

Analytical Group of Report believes, official USD exchange rate will roll back to the level of 1,65 AZN/USD, and then stabilize at 1,75 AZN/USD.