Azerbaijan’s State Oil Fund SOFAZ said it had sold $512.3 million on the foreign exchange market in August compared to $461.6 million that had been sold in July.

In January-August 2021, SOFAZ sold $3.740 billion at the currency auctions, 25 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.