BAKU, Azerbaijan, Sept. 1
By Zeyni Jafarov - Trend:
The volume of assets accumulated on accounts of the State Oil Fund of Azerbaijan (SOFAZ) in the country’s Central Bank notably grew as of early 2021, Trend reports citing SOFAZ's 2020 audit report.
According to the audit report, this figure exceeded 1.53 billion manat ($900 million), up by 57.6 percent year on year.
Besides, in 2020, the fund placed 116,000 manat ($68,240) on its accounts in the International Bank of Azerbaijan, which is 63.4 percent more than in the previous year.
Moreover, last year, SOFAZ received income from the difference in the exchange rate on foreign exchange transactions. So, in 2020, revenue in this category reached 1.24 billion manat ($730 million), while in 2019 a loss in the amount of 524.3 million manat (308.4 million) was recorded in this category.
The net profit of the State Oil Fund of Azerbaijan (SOFAZ) amounted to 5.36 billion manat ($3.15 billion) in 2020, having increased by 24.2 percent on annual basis.
SOFAZ was established in 1999 with assets of $271 million.
Based on SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.
The main goals of the State Oil Fund include the accumulation of resources and placement of assets abroad in order to minimize the negative effect on the economy, promotion of resource accumulation for future generations, and support of current social and economic processes in Azerbaijan.
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