BAKU, Azerbaijan, April 3. The State Oil Fund of Azerbaijan (SOFAZ) sold $498.3 million at currency auctions of the country's Central Bank in March, Trend reports via SOFAZ.
The volume of sales in February was $920.5 million; in January, it was $417 million. This type of operation is conducted within the framework of the fulfillment of SOFAZ obligations to the state budget of Azerbaijan.
SOFAZ was established in 1999, and at that time, its assets amounted to $271 million. According to the Regulation on the State Oil Fund, its resources can be used for the construction and reconstruction of strategically important infrastructure facilities, as well as for solving important national problems.
The main objectives of SOFAZ are the accumulation of funds and placement of the fund's assets abroad to minimize the negative impact on the economy, the accumulation of funds for future generations, and the maintenance of current socio-economic processes in the country.
The official exchange rate as of April 3 is 1.7 AZN/1 USD.
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