Baku, Azerbaijan, Jan. 9
By Taleh Mursagulov - Trend:
The State Oil Fund of Azerbaijan (SOFAZ) plans to allocate up to 11.6 billion manats to currency auctions in 2019, SOFAZ told Trend.
"The State Oil Fund of Azerbaijan holds currency auctions to ensure timely manat payments as part of the expenses envisaged by its budget," SOFAZ said.
The State Oil Fund also added that the SOFAZ budget for 2019 envisages expenditures totaling 11.595 billion manats, of which 11.364 billion manats will fall on a direct transfer to the state budget of Azerbaijan and 200 million manats on expenditures envisaged under the program to improve social and household living conditions of internally displaced persons and other smaller expenses.
"Thus, the Fund will sell dollars [at currency auctions] sufficient to cover the above mentioned costs," SOFAZ noted.
The official rate of the manat for the next day is determined on the basis of the weighted average rate on transactions concluded with commercial banks at the interbank currency market and SOFAZ auctions. Auctions are held in the format of one-sided sale of currency by the State Oil Fund of Azerbaijan.
(1USD = 1.7 AZN on Jan. 8)
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