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Azerbaijan's State Oil Fund releases sale statistics of its assets

Economy Materials 1 April 2020 19:43 (UTC +04:00)
Azerbaijan's State Oil Fund releases sale statistics of its assets

Baku, Azerbaijan, April 1

By Nargiz Ismayilova - Trend:

The State Oil Fund of Azerbaijan (SOFAZ) sold currency in the amount of $1.9 million at exchange auctions in March 2020, Trend reports with reference to the fund.

This is 68.9 percent more than in March 2019, when the sales amounted to $600.5 million.

SOFAZ sold $300.2 million in January 2020 and $543.4 million in February 2020 at the currency auctions organized by Central Bank of Azerbaijan (CBA).

The sale of currency is carried out within the framework of SOFAZ transfers to the state budget of Azerbaijan, which were envisaged for 2019 in the amount of 11.6 billion manat ($6.8 billion).

The Azerbaijan’s State Oil Fund was established in 1999 with assets of $271 million.

According to the SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as for addressing important national problems.

(1 USD = 1.7 AZN on Apr. 1)

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