BAKU, Azerbaijan, June 1
By Leman Zeynalova – Trend:
Azerbaijan’s state oil fund SOFAZ has sold $2 billion or 3.4 billion manats as of late April 2021, the Fund told Trend.
“SOFAZ sells currency in the auctions organized by the Central Bank in order to fulfill its obligations to the state budget and to cover other expenditures. According to the decree On the budget of the State Oil Fund of the Republic of Azerbaijan for 2021, the Fund’s expenditures stand at 12.2 billion manats, which includes transfers to the state budget, as well as expenditures related to the Fund’s management and implementation of the state program on increasing competitiveness of higher education system in Azerbaijan,” said the Fund.
SOFAZ was established in 1999 with assets of $271 million.
Based on SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.
The main goals of the State Oil Fund include the accumulation of resources and placement of assets abroad in order to minimize the negative effect on the economy, promotion of resource accumulation for future generations, and support of current social and economic processes in Azerbaijan.
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