SOFAZ expenses for Jan-Mar declared

11:55 - 17.04.2020


April 17, Fineko/abc.az. Budget expenditures of the State Oil Fund (SOFAZ) for the first 3 months of 2020 amounted to AZN 4.697 bn.

ABC.AZ reports with reference to SOFAZ that despite the sharp drop in crude oil prices for the Jan-Mar period SOFAZ managed to maintain the macroeconomic and fiscal balance, fulfilling its obligations on the consolidated and state budgets.

Thus, in order to meet the growing demand for foreign currency in the country's foreign exchange market, a total of $2.77 bn were sold for Jan-Mar 2020. In exchange it was bought funds for AZN 4.712 bn. Due to advanced currency sales, AZN 4.631 bn were transferred to the State Budget, including AZN 1.793 bn ahead of schedule.

 

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