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SOFAZ suffers damage of 300 mln USD due to Brexit

Pound sterling is predicted to further cheapen by 4% by year-end

Baku. 4 October. REPORT.AZ/ The State Oil Fund of Azerbaijan (SOFAZ) has suffered a damage of 271 mln USD on the currency reserves in British pound sterling since Brexit decision on June 23.

Report informs, however, value of the 1 194,3 mln GBP available in the SOFAZ investment portfolio was equal to 1 793 mln USD to June 23, currently, this figure makes 1 522 mln USD. Compared to the same period of last year, value of pound sterling reserves in US-dollars made 302 mln USD, while 444 mln US-dollars compared with the same period in 2014.

Pound sterling is predicted to further cheapen by 4% compared to USD by the year-end.

Notably, Analytical Group of Report News Agency predicts, exchange rate of Euro will decrease to parity within next 1 year compared to USD and the fund's Euro portfolio cill cheapening by 10% in dollar equivalent. It may led to decrease of 10.5 billion Euro funds in the amount about 1 billion in dollar equivalent.  

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