BAKU, Azerbaijan, October 3. The State Oil Fund of Azerbaijan (SOFAZ) sold $164.5 million at currency auctions in September 2023, which is more than 75,19 times or $70.6 million more in comparison with August ($93.9 million), Trend reports.
The data of SOFAZ shows that compared to the same month last year, currency sales decreased by 68.65 percent, or $300.8 million. SOFAZ sold $465.3 million at currency auctions in September last year.
SOFAZ was established in 1999 with assets amounting to $271 million.
According to the regulations of SOFAZ, its funds 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 in order 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.