Azerbaijan's SOFAZ Multiplies Currency Sales Over Year
(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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