BAKU, Azerbaijan, January 7. The State Oil Fund of Azerbaijan (SOFAZ) considerably hiked its foreign currency sales in December 2024.
Data obtained by Trend from SOFAZ shows that this figure amounted to $634.5 million, which is $59.9 million (10.4 percent) more compared to the previous month and $484.6 million (4.23 times) compared to December 2023 ($149.9 million).
In January of the current year, the sales volume amounted to $417 million; in February - $920.5 million; in March - $498.3 million; in April - $623.4 million; in May - $558.6 million; in June - $405.6 million; in July - $826.3 million; in August, $763 million; in September - $732.3 million; in October - $174.4 million; and in November - $574.6 million.
Thus, as of January 1, 2025, sales volume amounted to 7.128 billion US dollars (an increase of 2.65 times year-on-year).
The currency sale through standard CBA (Central Bank of Azerbaijan) auctions is indicative of SOFAZ commitments and correlates with its contributions to the state budget; specifically, the currency sale facilitates the acquisition of manat, which is subsequently allocated to the revenue section of the state budget, augmented by the fund.
To note, SOFAZ was established in 1999, and at that time, its assets amounted to $271 million.
Stay up-to-date with more news on Trend News Agency's WhatsApp channel