The State Oil Fund of the Republic of Azerbaijan (SOFAZ) reports that as of September 30, 2024, SOFAZ's assets increased by 10% totaling 61 697.6 million US dollars, compared to 56,069.7 million US dollars at the beginning of the year.

During the period of January - September 2024, budgetary revenues for the period totaled 15 004.0 million manats, while budgetary expenses amounted to 9 634.5 million manats.

SOFAZ's revenue streams originating from oil and gas agreements stood at 9 424.1 million manats during the same period. This included 8 641.8 million manats from sale of oil and gas, alongside bonus payments totaling 778.2 million manats, transit revenues of 0.5 million manats and acreage fee of 3.6 million manats.

Additionally, the investment return from managing SOFAZ's assets amounted to 5 579.9 million manats.

Within the framework of the 2024 SOFAZ budget implementation, a total of 9 585.8 million manats were transferred into the state budget during the reporting period. 18.0 million manats were directed to financing the "2019-2023 State Program on increasing the international competitiveness of the higher education system of Azerbaijan," while 10.8 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 19.9 million manats for the January - September 2024 period.

SOFAZ's extra-budgetary revenues totaled 4 197.6 million manats, attributed to revaluations in exchange rates.

Equity investments continued to be the primary driver of investment returns. Major central banks shifted from a cycle of rate hikes to monetary easing, reducing interest rates as inflation stabilized and economic growth stayed robust. This policy transition caused bond yields to fall, boosting fixed income returns. Equity markets responded positively, with major indices showing gains as investors were encouraged by the prospect of less pressure on the economy from persistent high borrowing costs, benefiting sectors such as technology and consumer goods.