Baku: The State Oil Fund of Azerbaijan (SOFAZ) sold $2,420.6 million during auctions held in January-March 2025, with the participation of the Central Bank.

According to Azeri-Press News Agency, the auctions were organized to manage the currency reserves efficiently and meet the demand for foreign currency in the market. The sales were conducted as part of SOFAZ’s broader strategy to support the national economy by controlling currency liquidity.

These auctions play a significant role in stabilizing the exchange rate of the national currency, the Azerbaijani manat, by ensuring an adequate supply of foreign currency. The involvement of the Central Bank in these auctions indicates a coordinated effort between SOFAZ and monetary authorities to maintain economic stability.

SOFAZ is a sovereign wealth fund established to manage the country’s oil and gas revenues. The fund’s activities include investing in various assets to ensure long-term economic security for Azerbaijan. The recent currency sales are part of its ongoing efforts to balance economic growth and maintain fiscal stability.