BAKU, Azerbaijan, June 4. The State Oil Fund of the Republic of Azerbaijan (SOFAZ) sold $558.6 million at currency auctions of the country's Central Bank (CBA) in May, Trend reports.
According to SOFAZ, year-to-date sales were up 101.52 percent, or $281.4 million (up from $277.2 million in the year-ago period).
In January this year, sales totaled $417 million, followed by $920.5 million in February, $498.3 million in March, and $623.4 million in April.
By June 1 of the current year, the total sales volume had reached $3.018 billion.
Currency sales through regular CBA auctions are accounted for in SOFAZ obligations and are connected to SOFAZ transfers to the state budget. This process converts currency sales into manats, which are then added to the revenue side of the state budget, funded by SOFAZ.
To note, SOFAZ was established in 1999, starting with assets of $271 million.
