Oil Fund’s foreign currency fell sharply — Report for 9 months

18:02 - 3.10.2023

October 3, Fineko/abc.az. The State Oil Fund of Azerbaijan (SOFAZ) sold foreign currency for $164.5 million at currency auctions in September 2023.

ABC.AZ was informed at SOFAZ that in August 2023 the Oil Fund sold foreign currency for $93.9 million. Thus, in September, the foreign currency sales increased by 75.2%.

Over Jan-Sept 2023, SOFAZ sold $2.1 billion of foreign currency at currency auctions (decrease of 45.5% against Jan-Sept 2022).

Currently, SOFAZ acts as the main source of currency sales at currency auctions. The Central Bank notes that at many auctions the supply exceeds the demand.
In 2022, SOFAZ sold $4.68 billion worth of foreign currency at currency auctions (30% less than in 2021).

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