Azerbaijan Counts Volume Of SOFAZ Currency Sales At Central Bank Auctions

(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 3. The State Oil Fundof Azerbaijan (SOFAZ) sold $498.3 million at currency auctions ofthe country's Central Bank in March, Trend reports via SOFAZ.

The volume of sales in February was $920.5 million; in January,it was $417 million. This type of operation is conducted within theframework of the fulfillment of SOFAZ obligations to the statebudget of Azerbaijan.

SOFAZ was established in 1999, and at that time, its assetsamounted to $271 million. According to the Regulation on the StateOil Fund, its resources can be used for the construction andreconstruction of strategically important infrastructurefacilities, as well as for solving important national problems.

The main objectives of SOFAZ are the accumulation of funds andplacement of the fund's assets abroad to minimize the negativeimpact on the economy, the accumulation of funds for futuregenerations, and the maintenance of current socio-economicprocesses in the country.

The official exchange rate as of April 3 is 1.7 AZN/1 USD.

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