BAKU, Azerbaijan, September 2. The State Oil Fund of Azerbaijan (SOFAZ) sold $440.5 million at foreign exchange auctions in August 2022, which was 2.1 times or $228.2 million more than in July 2022 ($212.3 million), SOFAZ told Trend.
However, the Fund's foreign currency sales dropped by 14 percent, or $71.8 million compared to the same month of 2021. The SOFAZ sold $512.3 million at foreign exchange auctions last August.
The State Oil Fund was established in 1999 with $271 million in assets.
According to the SOFAZ regulation, its funds can be used for the construction and reconstruction of strategically important infrastructure facilities, as well as for solving important national problems.
Accumulating funds, placing the fund's assets abroad to minimize the negative impact on the economy, accrual of funds for future generations, and maintaining current socio-economic processes in the country are among the primary goals of SOFAZ.
(1 USD = 1.7 AZN on September 2).