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SOFAZ changes investment portfolio structure

SOFAZ changes investment portfolio structure

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Date: 30 December 2015 17:52

Baku, Azerbaijan, Dec. 30

By Anvar Mammadov – Trend:

The State Oil Fund of Azerbaijan (SOFAZ) has changed the structure of its investment portfolio for 2016.

On Dec.29, the president of Azerbaijan issued a decree on the approval of main directions (of the program) of using SOFAZ funds for 2016.

In 2016, up to 15 percent of the investment portfolio may be invested in equities, up to 10 percent - in real estate, up to five percent - in gold. In 2015, this ratio was 10, 5 and 5 percent, respectively.

Some 70 percent of the total value of the investment portfolio of SOFAZ is formed due to money market instruments and debt market, while this year the figure was 80 percent.

At the same time, the currency structure of SOFAZ investment portfolio remained unchanged.

Thus, 50 percent of assets may be placed in US dollars, 35 percent - in euros, five percent - in British pounds, and the remaining 10 percent - in other currencies.

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 the placement of the fund's assets abroad in order to minimize the negative affect 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.

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