In 2005, sharp strengthening of course of national currency in regard to USD caused to the decrease of profitableness level of the State Oil Fund of Azerbaijan (SOFAZ) in result of lowering of prices of manat assets. Taking into consideration these factors, the revenues from management of the facilities of SOFAZ in the reported currency (manat) have made (-)5.69% and currency basket 2.68%, Trend reports quoting report of SOFAZ on activity in 2005.
Manat strengthened by 6.3% over last year. One of the reasons for this is the increase of risks of inflation rate in European zone and USA. For the purpose to prevent inflation splash, the U.S. Central Bank increased account rate to 4.25% at the end of 2005. As a result, USD importantly became more expensive in regard to euro and other foreign currencies.
The annual profitableness from the management of SOFAZ facilities over the period of 2001-2005 on base currency formed 2.58%. At the same time, in 2005 the annual profitableness from the management of assets of the fund by foreign managers equaled 4.24% (Klareden, which is represented in group of Credit Swiss) and 2.82% (Doyche Asset Management that is included in the group of Doyche Bank).