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(Corrects first paragraph to say 37 pct, not 47 pct)
BAKU, May 16 (Reuters) - Azeri central bank said on Tuesday that the state sovereign wealth fund SOFAZ has sold $793.1 million in the forex market auctions in the first quarter, down 37 percent year-on-year.
SOFAZ, which holds proceeds from oil contracts, oil and gas sales, transit fees and other revenues, uses the forex market auctions to prevent the manat exchange rate from sharp fluctuations. (reporting by Nailya Bagirova, writing by Denis Pinchuk; editing by Katya Golubkova)