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Azerbaijan’s SOFAZ announces volume of currency sales in May 2022

Economy Materials 1 June 2022 17:40
Azerbaijan’s SOFAZ announces volume of currency sales in May 2022
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, June 1. State Oil Fund of Azerbaijan Republic (SOFAZ) sold $288 million at foreign exchange auctions in May 2022, Trend reports citing SOFAZ.

SOFAZ was established in 1999 and at that time its assets amounted to $271 million.

According to SOFAZ regulation, its funds can be used for the construction and reconstruction of strategically important infrastructure facilities, and also for solving important national problems.

The main goals of SOFAZ are: the accumulation of funds and the placement of its assets abroad to minimize the negative impact on the economy, the accumulation of funds for future generations, and the maintenance of current socio-economic processes in Azerbaijan.

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