As of June 30, 2024, the assets of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) increased by 3.4% compared to the beginning of 2024 (USD 56,069.7 million) and amounted to USD 58 billion 6 million, the fund told Paralel.Az-Economics.

According to the information, the non-budgetary income of SOFAZ due to the difference caused by exchange rate changes amounted to AZN 441.5 million during the reporting period.

As for the income from the fund's asset management, the main contribution falls on the share of equity investments. Despite the high interest rates in the economies of developed countries, the low unemployment rates remainig have had a positive effect on consumption indicators, including the growth rate of GDP. Also, advances in artificial intelligence technology and optimistic expectations in this direction have provided significant support to information technology stocks.

Based on the above, high profitability was observed in the stock markets in the first half of the current year.