BAKU, Azerbaijan, April 5. The volume of foreign exchange sold at auctions by the State Oil Fund of Azerbaijan (SOFAZ) grew in March 2023, Trend reports via SOFAZ.
According to the fund, this figure amounted to $383.9 million, up by $27.2 million (7.63 percent) compared to March 2022 ($356.6 million).
At the same time, the currency sales decreased by 27.06 percent or $142.4 million compared to March last year ($526.2 million).
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.