BAKU, Azerbaijan. November 3. State Oil Fund of Azerbaijan (SOFAZ) sold $321.9 million at foreign exchange auctions in October 2022, which is 30.8 percent or $143.4 million less than in September 2022 ($465.3 million), Trend reports via SOFAZ.
The currency sales have decreased by 40.4 percent or $218 million compared to October 2021. SOFAZ sold $539.9 million at foreign exchange auctions in October 2021.
SOFAZ was established in 1999 and at that time its assets amounted to $271 million. The assets of SOFAZ equaled $45.38 billion as of October 1, 2022. From January through September 2022, the fund's income amounted to almost 11.36 billion manat ($6.68 billion), and expenses - 6.56 billion manat ($3.86 billion).
According to SOFAZ regulation, its funds can be used for the construction and reconstruction of strategically important infrastructure facilities, and also for solving important national problems.
The main goals of SOFAZ are: the accumulation of funds and the placement of its 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 Azerbaijan.