BAKU, Azerbaijan, July 3. The State Oil Fund of Azerbaijan (SOFAZ) sold $78.9 million at currency auctions in June 2023, which is more than 3.5 times or $198.3 million less in comparison with May ($277.2 million), SOFAZ told Trend.
Also, currency sales decreased by more than 3.5 times or by $199.2 million compared to the same month last year. In June last year, SOFAZ sold $278.1 million at currency auctions.
SOFAZ was established in 1999 with assets amounting to $271 million.
According to regulation of SOFAZ, its funds can be used for the construction and reconstruction of strategically important infrastructure facilities, as well as for solving important national problems.
The main objectives of SOFAZ are accumulation of funds and placement of the fund's assets abroad in order to minimize the negative impact on the economy, accumulation of funds for future generations and maintenance of current socio-economic processes in Azerbaijan.
(1 USD = 1.7 AZN on July 3, 2023)