Azerbaijan's SOFAZ decreases currency sales at auctions

BAKU, Azerbaijan, Sept. 1 By Fidan Babayeva - Trend: Funds worth $478 million were sold by the State Oil Fund of Azerbaijan (SOFAZ) at the foreign exchange auctions in August 2020, Trend reports citing SOFAZ. According to SOFAZ, the mentioned figure was $515.5 million in July 2020, which is $37.5 million more compared to June 2020. The sale of currency is carried out within SOFAZ’s transfers to the state budget of Azerbaijan, which are provided for 2020 in the amount of over 11.3 billion manat ($6.6 billion). By the decree of Azerbaijan’s President dated August 31, 2020, amendments were made to the budget of the State Oil Fund of Azerbaijan for 2020. According to the decree, the item of expenditures on the upper limit of transfers to the state budget of Azerbaijan for 2020 has been increased from 11.4 million ($6.7 million) to 12.2 million manat ($7.1 million). (1 USD = 1.7 manat on Sept. 1) --- Follow the author on Twitter: Fidan_Babaeva