Azerbaijan, Baku, Jan. 22 / Trend E. Ismayilov /
As of 2012, around 49.8 per cent of the total investment portfolio of the State Oil Fund of Azerbaijan (SOFAZ) was concentrated in dollars (about $16.9 billion), SOFAZ's report said today.
The total amount of SOFAZ's investment portfolio amounted to about $33.93 billion, or 99.42 per cent of the total amount of assets as of 2012.
Around 40.55 per cent of the investment portfolio is concentrated in euros (about 10.41 billion euro), 5.02 per cent in sterling (1.05 billion pounds), 1.37 per cent - Turkish lira, 0.62 per cent - Australian dollars, 0.29 per cent - Russian roubles and 0.58 per cent - Azerbaijani manat. The remainder is concentrated in gold.
As of January 1, 2013, SOFAZ's assets increased by 14.5 per cent and hit 34.129.4 billion compared to early 2012 ($29.8 billion).
SOFAZ was established in 1999 when its assets amounted to $271 million.
The main purposes of the fund are the accumulation of funds and placement of the fund's assets abroad to minimise the negative impact on the economy preventing a 'Dutch syndrome' to ensure savings for future generations and to maintain the current socio-economic standard in the country.