SOFAZ reduces investments in monetary funds
Baku, Azerbaijan, Aug. 27
By Ilkin Shafiyev – Trend:
The investments of the State Oil Fund of Azerbaijan (SOFAZ) in monetary funds amounted to 198.518 million manats in 2017, which is almost 10 times less than in 2016, reads the report on SOPFAZ activities in 2017.
As many as 173.933 million manats of this volume were invested in BlackRock ICS Institutional Liquidity Funds, and 24.585 million manats were invested in The Goldman Sachs Group.
SOFAZ was established in 1999 with assets of $271 million.
Based on SOFAZ's regulations, its funds may be used for construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.
The main goals of the State Oil Fund include: accumulation of resources and placement of the fund's assets abroad in order to minimize the negative effect on the economy, the prevention of "Dutch disease" to some extent, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.
(1.7 manats = 1 USD on Aug. 27)
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