Baku, Azerbaijan, March 23
By Leman Zeynalova – Trend:
The total value of the investment portfolio of the State Oil Fund of Azerbaijan (SOFAZ) as of end-2019 is projected at $ 41.5 billion, the Fund told Trend.
"If the Fund’s expenses remain at the level approved in the budget for 2019, the total value (weighted average) of the SOFAZ investment portfolio as of end-2019 is forecasted to stand at $ 41.5 billion," said SOFAZ.
In addition, the Fund announced the currency structure of its investment portfolio for this year.
"As you know, the diversification of the SOFAZ investment portfolio in terms of currency is regulated by the Investment Policy. The currency structure of the SOFAZ investment portfolio for 2019 is as follows: 50 percent of assets can be in dollars, 35 percent in euros, 5 percent in British pounds and up to 10 percent in other currencies," the Fund said.
SOFAZ was established in 1999 with assets of $271 million.
Based on SOFAZ's regulations, its funds may be used for the 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 assets abroad in order to minimize the negative effect to the economy, prevention of "Dutch disease" to some extent, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.
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