Azernews.Az

Azerbaijan’s oil fund SOFAZ sold $100 million to 23 local banks through the auction held by Azerbaijan’s Central Bank (CBA)on March 2, SOFAZ said.

“SOFAZ offered $100 million for sale through the auction,” the statement said. “This amount was fully sold to the banks.”

Thus, SOFAZ will continue selling foreign currency through auctions in 2016.

The foreign currency is sold as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged to stand at six billion Azerbaijani manats in 2016.

SOFAZ was established in 1999 with assets of $271 million.

As of October 1, 2015, SOFAZ assets reduced by 6.38 percent compared to early 2015 ($37.1 billion) and were estimated at $34.74 billion.

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: accumulation of resources and the placement of the fund's assets abroad in order to minimize the negative affect on the economy, the prevention of "Dutch disease" to some extent, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.

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