SOFAZ boots forex sales at auctions nearly threefold in Jan-Sept

BAKU. Oct 3 (Interfax) - The State Oil Fund of the Azerbaijan Republic (SOFAZ), the main seller of foreign currency on the country's forex market, sold $732.3 million at auctions in September 2024, nearly 4.5-fold year-on-year higher, SOFAZ said.

Interfax calculations indicate that SOFAZ boosted sales at forex auctions 2.7-fold year-on-year to $5.745 billion in January-September 2024.

SOFAZ ramped up sales 4.3-fold year-on-year to nearly $2.322 billion in foreign currency at auctions in the third quarter of this year according to calculations based on the fund's monthly data.

As previously reported, SOFAZ cut currency sales at auctions 42.6% year-on-year to about $2.689 billion in 2023.