BAKU, Azerbaijan, March 2
By Sadraddin Aghjayev - Trend:
The State Oil Fund of the Republic of Azerbaijan (SOFAZ) sold $371.2 million in February 2022 compared to $727 million in February 2021, Trend reports with reference to SOFAZ.
Thus, SOFAZ sold less currency. The volume decreased by almost a half (49.9 percent).
SOFAZ was established in 1999 with assets of $271 million.
Proceeding from 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.
Among the main goals of SOFAZ are the accumulation of funds and placement of assets abroad to minimize the negative impact on the economy, the accumulation of funds for the future generations and support for the current social and economic processes in Azerbaijan.
(1 USD = 1.7 AZN on March 2)
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