Azerbaijan, Baku, Oct. 22 / Trend E. Ismayilov /
As of January-September, roughly 51.12 percent of the total volume of investment portfolio of the Azerbaijani State Oil Fund (SOFAZ) are concentrated in U.S. dollars (more than $16.9 billion), SOFAZ said today.
The total amount of SOFAZ investment portfolio amounted to $33.07 billion or 99.63 percent of total assets in the third quarter.
Around 39.84 percent of the investment portfolio are concentrated in euro (about 10.19 billion euro), 5.16 percent - in British pounds sterling (about 1.05 billion pounds sterling), 1.38 percent - Turkish lira, 0.64 percent - Australian Dollars. The rest part of the portfolio is concentrated in gold.
SOFAZ assets, as of October 1, 2012, increased by 11.4 percent up to $33.192.4 billion compared to early 2012 ($29.8 billion).
SOFAZ was established in 1999 and at that time its assets amounted to $271 million.
The chief purpose of the fund is the accumulation of funds and placement of its assets abroad to minimise the negative impact on the economy, preventing a 'Dutch syndrome' to ensure savings for future generations and maintain the current socio-economic standard in the country.