SOFAZ discloses auctioned foreign exchange

By Azernews

Qabil Ashirov

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.