SOFAZ not planning to change currency composition of reserves

No amendments are expected in currency composition of reserves of State Oil Fund of the Republic of Azerbaijan (SOFAZ), Executive Director of the Fund Shahmar Movsumov said.

Note that, recently, cheapening of dollar is observed in world market, as a result of it, Fund’s assets in dollar show depreciation. Speaking about it Movsumov said that SOFAZ’s currency composition of reserves consists of especially dollar and euro and it has been divided into equal shares in the currencies. Consequently, cheapening of dollar against euro and vice versa increases the value of reserves’ in euro. And such neutral position protects SOFAZ from currency risks.

Remind that, as of April 1, 2011, 55% of Fund’s reserves were kept in dollar, 40% in euro and 5% in pound sterling. This ratio began to wear traditional character.


/APA/