Baku, Azerbaijan, Oct. 26
By Maksim Tsurkov - Trend:
The Japanese yen has been added to the currency of the investment portfolio of the State Oil Fund of Azerbaijan (SOFAZ), SOFAZ's report as of nine months of 2015 said.
As of October 1, 2015, the total sum of SOFAZ's investment portfolio amounted to $34.6 billion or 99.6 percent of total volume of assets, according to the report.
As of nine months of 2015, some 47.8 percent of the total volume of the investment portfolio of SOFAZ is in U.S. dollars ($16.54 billion).
Around 35.9 percent of the investment portfolio is concentrated in euros (over 11 billion euros), 5 percent in British pounds sterling (about 1.13 billion pounds sterling), 1 percent in Turkish Lira, 0.5 percent in Australian Dollars and 1.4 percent in Russian rubles, 1.2 percent in Korean won, 1.5 percent in Japanese yen (63.95 billion yen), 1.4 percent - Chinese yuan (3.04 billion yuan), 1.1 percent - other currencies. The rest of the portfolio at 3.2 percent ($1.1 million) is concentrated in gold.
As of October 1, 2015, SOFAZ assets reduced by 6.38 percent compared to early 2015 ($37.1 billion) and were estimated at $34.74 billion.
SOFAZ was established in 1999 with assets of $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 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.
Edited by CN
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