Azerbaijan's State Oil Fund reports decrease in currency sales for August

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has released its latest data on foreign currency sales, indicating a decrease in activity for August 2024, Azernews reports.

According to SOFAZ, a total of 763 million US dollars were sold during the month of August.

This figure represents a decline compared to the previous month, as SOFAZ had sold 826.3 million US dollars in July 2024. The decrease amounts to 63.3 million US dollars or 7.7% compared to July's sales.

The currency sales figures for the first half of 2024 show varied levels of activity. SOFAZ sold 417 million US dollars in January, 920.5 million US dollars in February, 498.3 million US dollars in March, and 623.4 million US dollars in April. In May, the sales amounted to 558.6 million US dollars, while June recorded 405.6 million US dollars in sales.

These figures provide insight into the foreign exchange operations of the State Oil Fund and its impact on Azerbaijan's financial markets.