(MENAFN- Trend News Agency)
BAKU, Azerbaijan, July 2. State Oil Fund of
Azerbaijan (SOFAZ) sold $278.1 million at foreign exchange auctions
in June 2022, Trend reports via SOFAZ.
SOFAZ was established in 1999 and at that time its assets
amounted to $271 million.
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.
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