SOFAZ restricts foreign managers’ access to assets
Azerbaijan, Baku, Feb.13 /Trend, A.Akhundov /
SOFAZ has revised the policy of placing its assets through foreign managers in 2012.
According to the changes, the fund may transfer no more than 5 percent of the total cost of its investment portfolio to foreign management whereas in 2011 the maximum amount was 15 percent.
The move is envisaged by the investment policy for 2012 approved by Azerbaijani President Ilham Aliyev.
In general, the fund may transfer about 60 percent of its investment portfolio to foreign management as in 2011.
The portfolio volume transferred to the WB Treasury under the RAMP program should not exceed $500 million.
The fund's managers are the WB Treasury, Clarident and Deutschebank Asset Management.
The forecasted total cost of the investment portfolio for 2012 is 23 billion manat, whereas it was forecasted at 19.4 billion manat in 2011.
The official exchange rate is 0.7863 manat to $1 on Feb.13.