SOFAZ boosts foreign currency sales for March 2022

BAKU, Azerbaijan, April 1. The State Oil Fund of Azerbaijan (SOFAZ) sold $526.2 million at foreign exchange auctions in March 2022, Trend reports referring to SOFAZ. According to the agency, this figure exceeded February's result ($371.2 million) by 41.7 percent, or $155 million. The sale of foreign currency increased by 32.3 percent, or $397.7 million compared to the same period in 2021. SOFAZ was established in 1999, when its assets amounted to $271 million. Proceeding from the regulation on SOFAZ, its funds can be used for the construction and reconstruction of strategically important infrastructure facilities, as well as for solving important national problems. Among the main goals of SOFAZ are the accumulation of funds and placement of assets abroad in order to minimize the negative impact on the economy, the accrual of money for future generations, as well as the maintenance of current socio-economic developments in Azerbaijan. (1 USD = 1.7 AZN on April 1)