SOFAZ sold $2.42 billion through currency auctions in Jan-March

The State Oil Fund of Azerbaijan (SOFAZ) said its total assets reached $62.74 billion as of March 31, 2025, up 4.5% compared to the end of 2024.

In the first quarter, budget revenues amounted to 3.25 billion manats, while expenditures totaled 3.64 billion manats. Revenues from oil and gas agreements stood at 3.02 billion manats, including 2.25 billion manats from profit oil and gas sales and 765.3 million manats from bonus and transit payments.

The fund said the growth in assets was mainly driven by investment income and foreign exchange-related gains.

SOFAZ also sold $2.42 billion via currency auctions in cooperation with the Central Bank during the reporting period.

Amid rising global gold prices, the fund generated significant extra-budgetary income from its gold sub-portfolio.

N.Tebrizli