The State Oil Fund of the Republic of Azerbaijan (SOFAZ) reports that as of March 31, 2024, SOFAZ's assets increased by 2.3% totaling 57,372.8 million US dollars.

In the first quarter of 2024, budgetary revenues for the period totaled 5,268.3 million manats, while budgetary expenses amounted to 3,205.4 million manats.

SOFAZ's revenue streams originating from oil and gas agreements stood at 3,421.4 million manats during the same period. This included 2,645.5 million manats from sale of oil and gas, alongside bonus payments totaling 775.9 million manats and transit revenues of 0.3 million manats.

Additionally, the investment return from managing SOFAZ's assets amounted to 1,846.9 million manats.

Within the framework of the 2024 SOFAZ budget implementation, a total of 3,195.3 million manats were transferred into the state budget during the reporting period. 1.0 million manats were directed to financing the "2019-2023 State Program on increasing the international competitiveness of the higher education system of Azerbaijan," while 3.2 million manats were allocated for the "State Program for the Education of Youth at Prestigious Universities of Foreign Countries for 2022-2026." Additionally, operational expenses of SOFAZ amounted to 5.9 million manats for the January-March 2024 period.

SOFAZ's extra-budgetary revenues totaled 151.7 million manats, attributed to revaluations in exchange rates.

The first quarter of 2024 unfolded against a backdrop of economic complexity, marked by fluctuating inflation rates and market uncertainties. Initial optimism surrounding potential interest rate cuts led to a decline in government bond yields and favorable trends in stock markets. However, a resurgence in bond yields towards the quarter's end was attributed to a slowdown in the declining trajectory of inflation and broader macroeconomic dynamics. The prolonged trajectory of interest rate adjustments, influenced by persistent inflation, continues to reverberate across financial asset valuations.