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    State Oil Fund of Azerbaijan again launches selling of currency

    Support of SOFAZ is expected to be required by CBAR soon

    Baku. 6 January.REPORT.AZ/ State Oil Fund of Azerbaijan (SOFAZ) is expected to start currency sale in internal interbanks market next week.

    Report informs, last currency sale by SOFAZ carried out on December 8. Since then, intervention to organized exchange market was conducted by the Central Bank of the Republic of Azerbaijan (CBAR).

    As a result, CBAR, transferring to floating exchange rate on December 21, launched to conduct currency auctions on December 25.

    In the framework of transfer to budget program, SOFAZ carries out currency sale through several commercial banks and during sale AZN/USD exchange rate usually carried out 10-15 points more than official exchange rate.

    Notably, at present, currency reserves of CBAR are supposed to reduce to 4,5 billion USD. 

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