SOFAZ Discloses Auctioned Foreign Exchange
(MENAFN- AzerNews)
Qabil Ashirov read more The State Oil Fund of Azerbaijan (SOFAZ) auctioned $356,6m in
February 2023, Azernews reports per the fund's
press service.
As a whole, in 2023, SOFAZ sold $545.1m at foreign currency
auctions in Azerbaijan.
SOFAZ assets amounted to $49bn dollars in 2022 and the budget
revenues of SOFAZ totaled $5.65bn, and the budget expenses amounted
to $2.76bn.
Established in 1999, SOFAZ is a sovereign wealth fund, which
accumulates and preserves Azerbaijan's oil and gas revenues for
future generations.
The fund accumulates income from the sale of oil contracts, and
in 2003, it started to make transfers to the state budget of
Azerbaijan. As for now, SOFAZ's annual contribution to the
country's GDP is over 80 percent.
The State Oil Fund sells the currency at currency auctions held
at the Central Bank.
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