SOFAZ sees increase in assets in six-month period


August 15, Fineko/ The transfers to the state budget from the State Oil Fund of the Republic of Azerbaijan (SOFAZ) were lower than expected within six months of the year. Amid a decrease in demand for foreign currency, the CBA carried out a purchasing intervention in the foreign exchange market, ABC.AZ reports with reference to the Accounts Chamber's data for the six months on the execution of the state budget for 2022.

SOFAZ transfers — the main sources of state budget revenues —  were executed by 73.1%, with 4,648 million manats transferred to the state budget.

The rational use of the SOFAZ assets were both due to the lack of high demand for foreign currency in the foreign exchange market and the observed positive dynamics of state budget revenues from tax and customs authorities.
In January-June of this year, the SOFAZ assets increased by $282 million, to $45,306,800,000.
Amid a decline in demand, the CBA carried out purchasing interventions in the market; in order to maintain a balance in the foreign exchange market, the purchase of foreign currency was carried out in the amount of $297 million this year.