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Azerbaijani SOFAZ gets more revenues from foreign currency sales at auctions

Oil&Gas Materials 3 February 2021 12:30
Azerbaijani SOFAZ gets more revenues from foreign currency sales at auctions

BAKU, Azerbaijan, Feb.3

By Fidan Babayeva – Trend:

The State Oil Fund of Azerbaijan (SOFAZ) sold $644.9 million at foreign exchange auctions in January 2021, Trend reports on Feb.3 citing SOFAZ.

According to the SOFAZ, this figure in December 2020 was $637.7 million.

The sale of currency is carried out within SOFAZ transfers to the state budget of Azerbaijan, which for 2020 were provided in the amount of 11.3 billion manat ($6.64 billion).

By the decree of the President of Azerbaijan dated August 31, 2020, changes were made to the budget of the State Oil Fund of Azerbaijan (SOFAZ) for 2020.

According to the decree, the item of expenditure on the upper limit of transfers to the state budget of Azerbaijan for 2020 has been increased from 11.4 million manat ($6.7 million) to 12.2 million manat ($7.17 million).

(1 USD = 1.7 AZN on Feb.3)

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Follow the author on Twitter: @Fidan_Babaeva

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