BAKU, Azerbaijan, Sept.6
By Leman Zeynalova – Trend:
Azerbaijan’s State Oil Fund (SOFAZ) sold $3.740 billion in currency auctions from January to August 2021, as compared to $5.003 billion in the same period in 2020, Trend reports with reference to the Fund’s data.
The table below shows the currency sales by SOFAZ (in million USD):
|
Month |
2020 |
2021 |
|
January |
300.2 |
644.9 |
|
February |
543.4 |
437.3 |
|
March |
1 928.3 |
397.7 |
|
April |
531.1 |
509.9 |
|
May |
334 |
312,7 |
|
June |
373,2 |
463.6 |
|
July |
515.5 |
461.6 |
|
August |
478 |
512.3 |
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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