BAKU, Azerbaijan, Feb.28
By Leman Zeynalova – Trend:
Around $1 billion US dollars have been converted at 13 auctions held with participation of Azerbaijan’s state oil fund (SOFAZ) since early 2022, the Fund told Trend.
“As you may know, in order to ensure manat transfers to the budget, the Fund, in cooperation with the Central Bank, holds auctions to convert foreign currency into manats, which is an important for ensuring the country's foreign exchange market stability. As many as 98 auctions were held in 2021 with the participation of the Fund, at which about 6.7 billion US dollars were converted in exchange for almost 11.4 billion manats, with the help of which transfers were made to the state budget of the country,” the Fund said.
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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