Azerbaijan, Baku, Jan.28 / Trend E. Ismailov /
As a result of the last five years, the average income of the State Oil Fund of Azerbaijan (SOFAZ) on the currency portfolio management was 3.4 percent, SOFAZ head Shahmar Movsumov said on Thursday.
According to him, last year the figure was only one percent, in 2009 - 3.3 percent; in 2008 - 3.8 percent; in 2007 - 4.5 percent; and in 2006 - 4.2 percent.
"The low-income level on currency portfolio management in 2010 compared to previous years was due to lower interest rates of central banks of the United States (0.25 percent), Europe (one percent), and UK (0.5 percent).
Total volume of the SOFAZ investment portfolio as of Dec. 31, 2010, amounted to 22 677.87 million, which makes 99.61 percent of total assets.
Some 53.41 percent of the investment portfolio is concentrated in dollars (12 113.74 million dollars), 41.43 percent in euros (7 098.8 million euros), and 5.16 percent in British pounds (753.64 million pound sterling).
SOFAZ assets as of Jan. 1, 2011, increasing by 52.8 percent, amounted to $22 766.8 million compared to early last year ($14 900.4 million).
SOFAZ was established in 1999.
The official exchange rate is 0.7974 on Jan. 27.