BAKU, Azerbaijan, July 10
By Nargiz Ismayilova - Trend:
The volume of strategic currency reserves of the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan amounted to $49.5 billion as of December 31, 2019, Trend reports referring to the consolidated financial statement on SOFAZ’s operational profit for 2019.
According to the statement, the country's strategic foreign exchange reserves increased by $5.4 billion, or 12.3 percent, compared to the end of 2018.
“Some 87.4 percent of these reserves accounted for SOFAZ. In 2019, the ratio of SOFAZ assets to GDP in dollars amounted to 90 percent,” the statement 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 accumulation of resources and placement of assets abroad in order to minimize the negative effect to the economy, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.
Azerbaijan’s strategic currency reserves are formed from CBA’s reserves, assets of the State Oil Fund of the Azerbaijan Republic (SOFAZ) and treasury funds of the Azerbaijani Ministry of Finance.
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