BAKU: The foreign currency sales by the State Oil Fund of Azerbaijan (SOFAZ) at the Central Bank’s currency auctions have witnessed a substantial increase as of November 1, 2024. The sales have reached a significant $5.9 billion, representing a 2.6-fold rise compared to the previous year.

According to Trend News Agency, this October saw SOFAZ selling $174.4 million, which is a decrease of 13.92 percent from the $202.6 million sold in October 2023. The sales throughout the year have varied monthly, with $417 million in January, $920.5 million in February, $498.3 million in March, $623.4 million in April, $558.6 million in May, $405.6 million in June, $826.3 million in July, $763 million in August, and $732.3 million in September.

The currency sales through the Central Bank’s standard auctions align with SOFAZ’s commitments and contributions to the state budget. This process facilitates the acquisition of the manat, which is then allocated to the revenue section of the state budget, bolstered by SOFAZ’s contr
ibutions.

Established in 1999, SOFAZ plays a crucial role in maintaining macroeconomic stability, ensuring fiscal and tax discipline, and reducing the nation’s dependency on oil revenues. It is committed to promoting the development of the non-oil sector, ensuring intergenerational equity concerning the nation’s oil wealth, and financing critical national projects to foster socio-economic advancement.