Baku, Azerbaijan, Feb.10
By Emil Ismayilov - Trend:
Some 54.1 percent of the investment portfolio of the Azerbaijani State Oil Fund (SOFAZ) is concentrated in US dollars (around $19.87 billion) on the results of 2014, the SOFAZ report posted Feb.10 on its website said.
The official exchange rate is 0.7844 AZN/USD Feb. 10.
The total volume of SOFAZ's investment portfolio stood at $36.740, 3 billion, or 98.9 percent of the total volume of its assets.
Some 33.9 percent of SOFAZ's investment portfolio is concentrated in euro (10.25 billion euro), 4.8 percent - in British pounds (1.16 billion pounds), 1.2 percent - in Turkish lira, 0.5 percent - Australian dollars, 1.2 percent - Russian rubles, 1.2 percent - Korean Won.
The remaining part of the portfolio (3.1 percent, or about $1.15 million) is concentrated in gold.
The assets of SOFAZ increased by 3.42 percent as of January 1, 2015 and stood at $37.104, 1 billion compared to early 2014 ($35.877, 5 billion).
SOFAZ was established in 1999, and its assets at that time amounted to $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.
---
Follow the author on Twitter: @Emilsmail