Azerbaijan’s State Oil Fund SOFAZ said it had sold $463.6 million on the foreign exchange market in June compared to $312.7 million that had been sold in May.

In January-June 2021, SOFAZ sold $2.766 billion at currency auctions, 31 percent less than in the same period last year.

In 2020, the Fund sold $7.304 billion on the forex market.

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.