State Oil Fund regularly brings dollars to foreign exchange market


March 13, Fineko/abc.az. The State Oil Fund (SOFAZ) has clarified a range of important questions.

ABC.AZ also offers an explanation that will be useful for you.

The main income of SOFAZ is formed from the proceeds from the sale of crude oil and gas, expressed in US dollars.

The main place in SOFAZ’s expenditures belongs to obligations relating to transfers to the State Budget.

With the purpose to fulfill those obligations the Fund converts foreign currency, i.e. funds in US dollars, into manats through auctions organized by the Central Bank. This means that SOFAZ regularly brings a large amount of currency in US dollars on the foreign exchange market.