Azerbaijan's SOFAZ Multiplies Currency Sales Over Year

2024-09-03 03:10:23

(MENAFN- Trend News Agency) BAKU, Azerbaijan, September 3. The State Oil Fund of Azerbaijan (SOFAZ) sold $763 million at currency auctions of the country's Central Bank in August, Trend reports.

According to SOFAZ, the sales volume for the year increased 8.12 times, or $669.1 million (in the reporting period of last year, the sales volume amounted to $93.9 million).

Meanwhile, in January of the current year, the sales volume amounted to $417 million, in February - $920.5 million, in March - $498.3 million, in April - $623.4 million, in May - $558.6 million, in June - $405.6 million, and in July - $826.3 million.

Therefore, as of the first of September this year, the volume of sales amounted to $5.013 billion.

The sale of currency via regular CBA auctions is reflected in SOFAZ obligations and is related to SOFAZ transfer transfers to the state budget (i.e., the sale of currency allows to receive manat and transfer them to the revenue part of the state budget, which is replenished by SOFAZ).

To note, SOFAZ was established in 1999, and at that time its assets amounted to $271 million.

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