BAKU, Azerbaijan, March 4. The State Oil Fund of Azerbaijan (SOFAZ) sold $920.5 million at the currency auctions of the country's Central Bank, Trend reports via SOFAZ.
The volume of sales at currency auctions totaled $417 million in January 2024.
To note, SOFAZ was established in 1999 and at that time its assets amounted to $271 million.
According to the regulation of 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, accumulation of funds for future generations, and maintenance of current socio-economic processes in the country.
The official exchange rate as of March 4 is 1.7 AZN/1 USD.
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