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Over 30% of Azerbaijan State Oil Fund’s investment portfolio concentrated in euros

Economy Materials 21 April 2016 11:03 (UTC +04:00)
On the results of Jan.-March 2016, some 47.1 percent of the total investment portfolio of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was concentrated in dollars ($15.96 billion)

Baku, Azerbaijan, Apr. 21
By Anvar Mammadov - Trend:

On the results of Jan.-March 2016, some 47.1 percent of the total investment portfolio of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was concentrated in dollars ($15.96 billion), SOFAZ's report posted on its website said.

According to the report, SOFAZ's total investment portfolio amounted to $33.94 million as of April 1, 2016, or 99.1 percent of total assets.

Some 35.5 percent of SOFAZ's total investment portfolio is concentrated in euros (10.66 billion euros), 4.9 percent - in British pounds (1.15 billion pounds), 1.7 percent - in Japanese yen, 1.5 percent - in Russian rubles, 1.4 percent - in Chinese yuan, 1.3 percent - in Korean won, 1.2 percent - in Turkish lira, 0.6 percent - in Australian dollars, 1.2 percent - in other foreign currencies. The remainder of the portfolio (3.5 percent, or nearly $1.2 million) is concentrated in gold.

As of January 1, 2016, SOFAZ's assets decreased by 9.5 percent and amounted to $33.57 billion compared to 2014 ($37.1 billion).

SOFAZ was established in 1999 with assets of $271 million.

Based on SOFAZ's regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.

The main goals of the State Oil Fund include: accumulation of resources and the placement of the fund's assets abroad in order to minimize the negative affect on the economy, the prevention of "Dutch disease" to some extent, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.

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