Azerbaijan’s State Oil Fund SOFAZ said it had sold $312.7 million on the foreign exchange market in May compared to $509.9 million that had been sold in April.

In January-May 2021, SOFAZ sold $2.3035 billion at currency auctions, 36.7 percent less than in the same period last year.

SOFAZ sovereign wealth oil fund holds proceeds from oil contracts, oil and gas sales, transit fees and other revenue. It mainly uses income from investments to pay for social spending and infrastructure projects. The Fund sells dollars at the currency auctions to transfer manats to the state budget.