CBA Buys $ 10 Million from SOFAZ
Today the State Oil Fund of Azerbaijan (SOFAZ) through an auction organized by the Central Bank of Azerbaijan sold $ 40 million to three financial institutions. According to SOFAZ, since April it has exposed not $ 100 million, as before, but half the amount.
The latest auction was attended by 4 banks, including the Central Bank itself, which bought $ 10 million. In general, in May, SOFAZ has sold about $ 382 million.
According to the Fund management, the sale of foreign currency will continue during 2016. Implementation of foreign currency sale by the Fund is carried out in the framework of transfers to the state budget allocated for this year in 7 billion 615 million AZN. By January 1, SOFAZ assets amounted to $ 33.57 billion (minus 9.5% to early 2015). --17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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