Oil Fund dramatically reduced sale of foreign currency in January 2018

In January 2018, the State Oil Fund of Azerbaijan (SOFAZ) sold foreign currency for a total of $ 299.1 million from foreign exchange auctions, the Fund said.

“At currency auctions during January 2018 SOFAZ sold foreign currency for $ 299.1 million,” the report says.

As previously reported, in December 2017 SOFAZ sold foreign currency for $ 584.8 million from foreign exchange auctions. Thus, in January 2018, the volume of foreign currency sales by the Fund in comparison with December 2017 decreased by 48.9%.

In 2017, the State Oil Fund sold foreign currency for a total of $ 3 billion 608.42 million from auctions.

SOFAZ currently acts as the main source of currency sales at currency auctions.