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No changes in SOFAZ investment portfolio foreign currency structure

No changes in SOFAZ investment portfolio foreign currency structure

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Date: 2 January 2016 13:27

Baku, Azerbaijan, Jan. 2

By Maksim Tsurkov – Trend:

The State Oil Fund of Azerbaijan (SOFAZ) hasn’t changed the foreign currency 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.

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.

Some 35.9 percent of the total investment portfolio of SOFAZ is concentrated in euro (over 11 billion euros), five percent - in British pounds (1.13 billion pounds), 1.5 percent - in Japanese yen (63.95 billion yen), 1.4 percent - in Chinese yuan (3.04 billion yuan), one percent - in Turkish lira, 0.5 percent - in Australian dollars, 1.4 percent - in Russian rubles, 1.2 percent – in Korean won, 1.1 percent - in other foreign currencies. The remainder of the portfolio (3.2 percent, or $1.1 million) is concentrated in gold.

SOFAZ was established in 1999 with assets of $271 million. As of October 1, 2015, SOFAZ assets reduced by 6.38 percent compared to early 2015 ($37.1 billion) and were estimated at $34.74 billion.

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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