In the foreign exchange auction of the Central Bank of Azerbaijan on August 4, the State Oil Fund of Azerbaijan (SOFAZ) sold 28 banks $ 49.4 million. Total $ 50 million was proposed.
At the last auction on August 2, SOFAZ sold 29 banks $ 49.1 million of the proposed $ 50 million.
The biggest buzz at the auction was on 28 July, when it sold $ 50 million, while 28 banks required $ 450 million.
The proceeds in AZN are sent to the budget. In 2016 SOFAZ is obliged to transfer AZN 6 billion to the state budget. -0-
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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