Sofaz ends 2008 with yield: executive director (video)
Azerbaijan, Baku, Jan. 28 / Trend , E.Ismayilov/
Funds management revenues of the State
Oil Fund of Azerbaijan Republic (Sofaz) hit 3.79 percent in 2008, Sofaz
Executive Director Shahmar Movsumov said on Jan. 28.
"Even if the financial crisis has affected the profitability of Sofaz, yet 3.79 percent is not a bad figure in such circumstances. Therefore, we believe we have come through this crisis point," he said.
Sofaz has proven that it has come out of the global financial crisis without losses, said Movsumov. "The financial crisis is over and an economic crisis is starting. We have already passed the peak of the financial crisis," he said.
There are very few companies and foundations that finished 2008 with yield. Basically, companies ended the year with negative returns - 30-35 percent in developed countries, over 50 percent in developing countries, and 75 percent in Russia. This is the first deep and prolonged global crisis since the Second World War, said Movsumov.
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