Central Bank of Azerbaijan conducts currency auctions by selling over $500 million

In June 2024, the Central Bank of Azerbaijan (CBA) conducted currency auctions where a total of $581 million was sold.

Among these transactions, $405.6 million, representing 69.8 per cent of the total, originated from the State Oil Fund of the Azerbaijan Republic (SOFAZ), Caliber.Az reports citing the local media.

Despite auctioning off foreign exchange reserves amounting to $175.4 million during the month, the CBA managed to increase its overall foreign exchange reserves slightly by $23.9 million, or 0.2 per cent, from $11,713.7 billion to $11,737.6 billion.

The State Oil Fund of the Azerbaijan Republic (SOFAZ) was established in 1999 with the primary objective of managing the country's oil and gas revenues for the benefit of current and future generations.

Overall, SOFAZ serves as a cornerstone of Azerbaijan's economic strategy, ensuring that the benefits of the country's natural resources are preserved and utilized to enhance national prosperity both now and in the future.