BAKU, Azerbaijan, May 3
By Fidan Babayeva - Trend:
The assets of the State Oil Fund of Azerbaijan (SOFAZ) decreased by 1.84 percent as of April 1, 2021, compared to the beginning of this year and amounted to $42.7 billion, Trend reports citing SOFAZ.
“In early 2021, the SOFAZ assets equaled $43.5 billion,” the fund said.
According to the data, SOFAZ's off-budget expenditures due to exchange rate fluctuations amounted to 2.02 billion manat ($1.18 billion).
"Despite the fact that budget revenues exceeded expenditures, the decline in assets was due to the fall in gold prices and the weakening of the main currencies of the investment portfolio against the US dollar," the message 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 the accumulation of resources and placement of assets abroad in order to minimize the negative effect on the economy, promotion of resource accumulation for future generations, and support of current social and economic processes in Azerbaijan.
(1 USD = 1.7 AZN on May 3)