BAKU, Azerbaijan, November 28. The forecast for distribution of the currency investment portfolio of the State Oil Fund of Azerbaijan (SOFAZ) for 2023 has been revealed, Trend reports citing the Accounts Chamber's comments on the SOFAZ budget-2023.
The projection is as follows: 65 percent of the portfolio was distributed in US dollars, 19.5 percent – in euro, five percent – in pounds sterling, and 10 percent – in Australian dollars, Turkish lira, Russian ruble, Korean won, Chinese yuan, Japanese yen, and other currencies.
"Given the fund's estimated budget execution for 2022, the volatility of off-budget income and expenses, as well as the impact of oil price movements on the assets, the fund's asset amount will be $46.8 billion at the end of 2022. The State Oil Fund's yield on managing its funds for 2023 is projected at the level of two percent, which is defined as the profitability sum of all sub-portfolios of the fund's investment portfolio," the report said.
As of October 1, 2022, 70.8 percent of the SOFAZ funds made up US dollars, 19 percent – euros, 4.7 percent – pounds sterling, and 5.5 percent – other foreign currencies.
Following the forecast for 2023, budget revenues of the State Oil Fund of Azerbaijan (SOFAZ) are projected at the level of 8.99 billion manat ($5.28 billion), while budget expenditures – at 11.392 billion manat ($6.69 billion).