BAKU, Azerbaijan, October 19. The US dollar accounted for 67 percent of the investment portfolio of the State Oil Fund of Azerbaijan (SOFAZ) as of September 30, 2024, Trend reports via the fund.
According to the fund, by the above date, 20.3 percent of the portfolio fell on euro, 5.1 percent -pounds sterling, 2.6 percent - Chinese yuan, 1.4 percent - Japanese yen, with the remaining 3.6 percent falling on other world currencies.
Moreover, SOFAZ invested $10.8 billion (17.7 percent) of its dollar portfolio in gold.
The fund's total investment portfolio during the reporting period reached $61.2 billion.
To note, SOFAZ was established in 1999, and at that time, its assets amounted to $271 million. According to the Regulation on the State Oil Fund, its resources can be used for the construction and reconstruction of strategically important infrastructure facilities, as well as for solving important national problems.
The main objectives of SOFAZ are the accumulation of funds and placement of the fund's assets abroad to minimize the negative impact on the economy, the accumulation of funds for future generations, and the maintenance of current socio-economic processes in the country.