SOFAZ reduces currency sales

Oil&Gas Materials 1 November 2021 15:38 (UTC +04:00)
SOFAZ reduces currency sales

BAKU, Azerbaijan, Nov.1

By Leman Zeynalova – Trend:

State Oil Fund of Azerbaijan sold $539.9 million during October 2021, as compared to $560.3 million in the same period in 2020, Trend reports with reference to SOFAZ.

As such, the Fund has reduced the volume of currency sales by 3.64 percent year-on-year.

SOFAZ’s currency sales fell by 4.51 percent as compared to September ($565.4 million).

The Fund's currency sales amounted to $4.845 billion from January through October 2021.

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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