BAKU, Azerbaijan, January 7. The State Oil Fund of Azerbaijan (SOFAZ) sold $149.9 million worth of currency at its auctions in December 2023, Trend reports via SOFAZ.
The data of SOFAZ shows that this figure decreased by 36.13 percent ($84.8 million) compared to November ($234.7 million).
SOFAZ was established in 1999 with assets amounting to $271 million.
According to the regulations of SOFAZ, its funds can be used for the construction and reconstruction of strategically important infrastructure facilities, as well as for solving important national problems.
The main objectives of SOFAZ are the accumulation of funds and placement of the fund's assets abroad in order to minimize the negative impact on the economy, the accumulation of funds for future generations, and the maintenance of current socio-economic processes in Azerbaijan.
The official rate is 1.7 AZN/1 USD on January 7.
