SOFAZ made a loss of 460 mln USD in October

Baku. 2 November. REPORT.AZ/ The State Oil Fund of Azerbaijan (SOFAZ) made a loss of 460 mln USD in October 2016 due to the decline in the investment portfolio of the exchange rate compared to the dollar and falling gold prices.

Analytical Group of Report says, the most losses caused by depreciation of the euro against dollar (more than 278 mln USD). British pound is in second place (close to 93 mln USD).

Gold assets are in third place (close to 40.5 mln USD), Japan yen (11.6 mln USD loss), Turkish lira (12.1 mln USD) Korean won (12.3 mln USD), the Chinese yuan (7.3 mln USD), Russian ruble (3.3 mln USD), Australian dollar (1.4 mln USD).

Analytical group of Report believes the dollar will be strengthened further in the coming years: "Therefore, it is more reasonable to keep the resources in US dollar."

Notably, couple of days ago deputy CEO Israfil Mammadov recently told weekly financial newspaper The Nikkei Verita that SOFAZ aims to soon lift its cap on investment in stocks, including private equity, from 15% to 25%.

The analytical group assumes the current financial crisis is likely to be long-term therefore in case of deepening of crisis bonds considered to be the most liquid assets.