Baku, Azerbaijan, Jan. 29
By Emil Ismayilov - Trend:
As of 2013, some 48 percent of the total volume of the investment portfolio of the Azerbaijani State Oil Fund (SOFAZ) is in U.S. dollars ($17.11 billion), SOFAZ said on Monday.
As of 2013, the total sum of SOFAZ's investment portfolio amounted to over $35.66 billion or 99.4 percent of total volume of assets, according to the report.
Around 40 percent of the investment portfolio is concentrated in euros (10.37 billion euros), 5.1 percent in British pounds sterling (about 1.1 billion pounds sterling), 1.2 percent in Turkish Lira, 0.5 percent in Australian Dollars and 1.9 percent in Russian rubles. The rest of the portfolio at 3.3 percent is concentrated in gold.
As of January 1, 2014, SOFAZ assets increased by 5.1 percent compared to early 2013 ($34.129.4 billion) and reached $35.877.5 billion.
SOFAZ began buying gold in the first quarter of 2012. As of Jan. 1, 2014, the amount of purchased gold was 30.175 tons (970,146 troy ounces).
SOFAZ was established in 1999 when its assets amounted to $271 million.
The chief purpose of the fund is the accumulation of funds and placement of its assets abroad to minimize the negative impact on the economy, preventing 'Dutch disease', to ensure savings for future generations and maintain the current socio-economic standards in the country.
The official exchange rate is 0.7843 AZN/USD on Jan. 29.
Translated by NH
Edited by CN