Azerbaijani banks buy over $70M through auction

As much as $100 million was put up for the auction.

SOFAZ will continue selling foreign currency through auctions in 2016. The foreign currency is sold as part of SOFAZ’s transfers to Azerbaijani state budget, which are envisaged to stand at 7.615 billion Azerbaijani manats in 2016.

SOFAZ was established in 1999 with assets of $271 million.

As of July 1, 2016, SOFAZ’s assets increased by 4.6 percent and amounted to $35.1 billion as compared to $33.57 billion in early 2016.