SOFAZ significantly increases volume of currency sold at auctions

Economy Materials 3 December 2021 10:47 (UTC +04:00)
SOFAZ significantly increases volume of currency sold at auctions

BAKU, Azerbaijan, Dec. 3

By Khagan Isayev – Trend:

The State Oil Fund of Azerbaijan (SOFAZ) sold $853.6 million at foreign exchange auctions in November 2021, compared to $495.5 million sold in the same period last year, Trend reports with reference to SOFAZ.

According to the information, the sale of foreign currency by the SOFAZ increased by 72.27 percent on an annualized basis.

Compared to October 2021 ($539.9 million), the volume of sold foreign currency increased by 58.1 percent.

It is reported that, SOFAZ sold over $5.698 billion in 11M2021.

SOFAZ was established in 1999 with assets of $271 million.

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

The main goals of the State Oil Fund include the accumulation of resources and placement of assets abroad in order to minimize the negative effect on the economy, promotion of resource accumulation for future generations, and support of current social and economic processes in Azerbaijan.