SOFAZ provides 63% of sales in currency auctions in September

Of the $259.8 million sold in currency auctions held by the Central Bank of Azerbaijan (CBA) in September 2023, only $164.5 million or 63.3% belonged to the State Oil Fund of Azerbaijan (SOFAZ), Report informs, citing SOFAZ.

"Currency sales are formed based on demand and supply in the market. Since the demand for foreign currency was less than the supply last month, the sale of foreign currency carried out by SOFAZ to buy manat was less than expected," SOFAZ said.

In other words, the CBA had to auction a part of its foreign exchange reserves ($95.3 million) last month for the first time after 8 months. However, during the month, the Bank's foreign exchange reserves increased by $410.9 million, or 4.4%, to $9,775.3 million from $9,364.4 million.