BAKU, Azerbaijan, July 21. The State Oil Fund of Azerbaijan (SOFAZ) placed a short-term deposit of 340.34 million manat ($200.2 million) last year in First Abu Dhabi Bank, owned by the United Arab Emirates (UAE).
The data obtained by Trend from SOFAZ shows that the amount of the short-term deposit placed by the fund in Japan's Mizuho Bank grew by 339,000 manat ($199,000) or 19.9 percent compared to 2023, reaching 2.04 million manat ($1.2 million).
In 2023, the amount of the short-term deposit placed in this bank was 1.7 million manat ($1 million).
SOFAZ, or the State Oil Fund of the Republic of Azerbaijan, is a sovereign wealth fund established to manage the country's oil revenues and ensure their efficient use for present and future generations. It is a legal entity and an extra-budgetary institution that aims to accumulate and efficiently manage oil revenues. The fund's core philosophy is to promote intergenerational equality, improve the well-being of the population, and safeguard the nation's economic security.
