SOFAZ head: SOFAZ's assets preserve tendency of growth despite volatility of euro and dollar rates

Business Materials 12 March 2010 17:49 (UTC +04:00)

Azerbaijan, Baku, March 12 / Trend N. Ismayilova /

The volatility of the dollar and the euro since early 2010 has affected the amount of assets of the State Oil Fund of Azerbaijan (SOFAZ), SOFAZ head Shahmar Movsumov said.

"Volatility of the euro and the dollar affected the fund's assets. The income and assets continue to increase," Movsumov said.

According to him, the fund's assets amounted to $14.9 billion in early 2010. Now their volume exceeds $16 billion.

"Despite the increase in assets, SOFAZ has no plans to expand the list of foreign managers.

Petroleum Fund cooperates with the program RAMP (Reserve Assets management programme). Currently, the World Bank Treasury Management has $ 114 million. RAMP program operates more than 40 years.

Fund managers are also the banks Clarident (Credit Suisse's branch) and Deutschebank Asset Management.

SOFAZ assets as of January 1, 2010 increased 32.8 percent compared to early 2009. They hit 11 966.5 million manat (14 900.4 million). SOFAZ's assets at the moment of its creation in 1999, amounted to $271 million.

The official rate as of March 11 was 0,8034 manat to $1.