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Limit on maintaining liquidity of SOFAZ funds not to change

Limit on maintaining liquidity of SOFAZ funds not to change

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Date: 2 January 2016 12:27

Baku, Azerbaijan, Jan. 2

By Maksim Tsurkov – Trend:

The State Oil Fund of Azerbaijan (SOFAZ) will be keeping more than $100 million to support the liquidity of its funds at a level sufficient for the timely and complete ensuring of cash and other transfers scheduled in connection with the fund’s expenditures in 2016, as it was in 2015.

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.

SOFAZ will be keeping these funds in short-term highly liquid money market instruments. This amount may be reduced below the level of $100 million only for the period of up to seven days.

In accordance with the program for 2016, the oil fund may transfer up to 60 percent of the total value of its investment portfolio to foreign managers, as it was in 2015. At the same time, one foreign manager can receive no more than five percent of investment portfolio.

The volume of portfolio transferred to the Treasury Department of the World Bank (WB) within the framework of RAMP (Reserve assets management programme) shouldn’t exceed $500 million.

The projected total value (average weighed volume) of the investment portfolio of SOFAZ for 2016 was set at 51.3 billion manats. For 2015, the forecast was formed at the level of 28.2 billion manats, for 2014 - 27 billion manats, for 2013 - 25.2 billion manats, for 2012 - 23 billion manats.

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