By Trend

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) sold $726.9 million at foreign exchange auctions in January 2022 in comparison with $634.5 million in the same period of 2020, Trend reports citing SOFAZ.

Thus, foreign currency sales of SOFAZ have increased by 12.7 percent at an annual rate.

The State Oil Fund of Azerbaijan was established in 1999, and at that time its assets amounted to $271 million.

According to the regulation on the State Oil Fund, the funds can be used for the construction and reconstruction of strategically important infrastructure facilities, as well as for the resolution of important national problems.

The main goals of SOFAZ are: the accumulation of funds and the placement of the Fund’s assets abroad in order to minimize the negative impact on the economy, the accrual of money for future generations, and the maintenance of current socio-economic processes in the country.

As of January 28, the official exchange rate of the Azerbaijani manat against the US dollar is 1.7 AZN/USD.