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SOFAZ more than doubles investments in gold - REVIEW

​SOFAZ more than doubles investments in gold – REVIEW

As of April 1, 2019, the investment portfolio of the State Oil Fund of Azerbaijan (SOFAZ) amounted to $40,272,870,000, of which 55% was in US dollar, Report informs.

According to the SOFAZ, this figure was 48.8% as of April 1, 2018.

In the first quarter, gold investments made $2,973,600,000 or 7.4% of USD portfolio, in contrast to $1,285,900,000 or 3.4% in the same period of 2018.

The share of GBP in SOFAZ investment portfolio rose from 4.9% to 5%.

In the reporting period, the share of EUR dropped from 34.4% to 33.3%, AUD from 0.7% to 0.6%, TRY from 1% to 0.8%, RUB from 1.1% to 0.6%, KRW from 1.2% to 0.5%, CNY from 1.4% to 1.2%, other currencies from 1.5% to 1.4% and JPY remained unchanged at 1.6%.

As at the end of the first quarter of 2019, 74% of Fund’s investment portfolio was in the instruments of bonds and monetary market, while this figure was 76.6% a year earlier. Share of stakes in the portfolio dropped from 14.2% to 13.4%, real property slipped from 5.8% to 5.2%, gold rose from 3.4% to 7.4%.

As of the end of the first quarter of 2019, SOFAZ’s investment portfolio was geographically distributed as follows: EU countries - from 41.88% to 37.75%, North America - from 26.65% to 22.17%, Asia-Pacific region - from 24.55% to 30.01%, Australia and New Zealand - from 2.45% to 2.35%, Middle East countries - from 0.06% to 0.75%, South America - from 0.04% to 0.05%, international financial organizations - from 5.37% to 6.92%. By the way, the share of developed countries in SOFAZ investment portfolio descended from 69.50% to 66.25%, developing countries ascended from 25.13% to 26.83%.

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