BAKU, Azerbaijan, July 17. Assets of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) grew by 3.4 percent from January through June and exceeded $58 billion, Trend reports via the fund.
In absolute terms, the growth for the first half of the year amounted to $1.931 billion, including manat accounts at SOFAZ. As of July 1, 2024, the fund's foreign exchange portfolio, or its investment portfolio, totaled approximately $57.932 billion.
As of July 1, 2024, SOFAZ's investment portfolio breakdown is as follows: 69.2 percent in US dollars, 19.5 percent in euros, 5 percent in pounds sterling, 1.4 percent each in Japanese yen and Chinese yuan, with the remaining 3.5 percent in other world currencies.
SOFAZ's asset allocation stands at 53.3 percent in fixed income and other monetary instruments, 25.9 percent in equities, 6 percent in real estate, and 14.8 percent in gold. As of the same date, the fund holds 114.9 tons of gold bullion.
Regarding geographical distribution, 65.3 percent of the investment portfolio is invested in developed countries, with a notable portion of 33.1 percent allocated to North American countries. Developing countries receive 12.3 percent, and international financial organizations hold 7.6 percent.
Established in December 1999, SOFAZ accumulates Azerbaijan's revenues from international oil and gas contracts.