BAKU, Azerbaijan, August 2. SOFAZ State Oil Fund of the Republic of Azerbaijan sold $212.3 million at currency auctions in July 2022, which is 23.66 percent or $65.8 million less than the previous month ($278.1 million), Trend reports via SOFAZ.
Currency sales decreased by 54.01 percent compared to the same month the previous year.
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.