BAKU, Azerbaijan. October 5. State Oil Fund of Azerbaijan (SOFAZ) sold $465.3 million at foreign exchange auctions in September 2022, which is 5.63 percent or $24.8 million more than in August 2022 ($440.5 million), Trend reports via SOFAZ.
However, currency sales have decreased by 17.7 percent or $100.1 million compared to August 2021. SOFAZ sold $565.4 million at foreign exchange auctions in September 2021.
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.