Azerbaijan, Baku, July 23 / Trend E. Ismayilov /
As of the first six months, about 57 percent of the total volume of investment portfolio of the State Oil Fund of Azerbaijan (SOFAZ) fall to dollar (more than $18.57 billion), SOFAZ executive director Shahmar Movsumov said at a press conference today.
The total amount of SOFAZ investment portfolio hit $32.59 billion as of the first six months or 99.77 percent of total volume of assets.
About 37.08 percent of the investment portfolio of the fund are concentrated in the euro (9.6 billion euro) 4.87 percent - in British pounds sterling (about 1.02 billion pounds).
SOFAZ assets as of July 1, 2012 increased by 9.6 percent and hit $32.666 million compared to early 2012 ($29.8 billion).
State Oil Fund was established in 1999 and at that time its assets amounted to $271 million.
The main purpose of the fund is the accumulation of funds and placement of its assets abroad to minimise the negative impact on the economy, preventing a 'Dutch syndrome' to ensure savings for future generations and maintain the current socio-economic standard in the country.