SOFAZ gets 2.07% rise in assets
SOFAZ told APA-Economics that the budget revenues for the period of January-March, 2014 reached 3,005.0 million manats, while budget expenditures constituted 2,443.3 million manats.
Revenue of 3,006.8 mln. manats was received from the implementation of oil and gas agreements, including 2,991.2 mln. manats from the sale of profit oil and gas, 2.3 mln. manats as transit payments, 13.3 mln. manats as bonus payments.
As per January-March 2014 budget of the Fund, 2,342.6 mln. manats were transferred to the state budget. The expenditures in the amount of 70.1 mln. manats were directed to financing the improvement of social-economic condition of refugees and internally displaced persons, 5.6 mln. manats were used for financing the reconstruction of the Samur-Absheron irrigation system. 5.1 mln. manats were directed to financing Baku-Tbilisi-Kars railway construction and 3.0 mln. manats were directed to financing "The state program on the education of Azerbaijan youth abroad in the years 2007-2015". The Fund's administrative and operational expenses for the reporting period were 16.9 mln. manats.
During the first quarter of the year, the value of SOFAZ’s equity portfolio decreased due to events which took place in Ukraine. Despite the income from different investments the losses from managing assets of the Fund for January-March 2014 amounted to 1.8 mln. manats. In the following months as a result of stabilization and growth in the prices of equities of Russian companies, revenues from managing assets of the Fund for the period January - May 15, 2014 totaled to 87.8 million manats.
The Fund's extra-budgetary revenues related to the revaluation of foreign exchange totalled 10.1 million manats. SOFAZ’s extra-budgetary revenues related to price changes of gold amounted to 60.8 million manats while extra-budgetary expenses related to price changes of USD, EURO, GBP and other currencies totalled 50.7 million manats.
The assets of SOFAZ as of April 1, 2014 has grown by 2.07% compared to the beginning of 2014 (USD 35,877.5 mln.) and stood at USD 36,618.4 mln.
Starting from the first quarter of 2012 the Oil Fund has begun purchase of gold and the amount of purchased gold as of April 1, 2014 was 30 tons 175 kg (970,146 ounces).
Related news releases
- 28.03.2017USD rate for tomorrow announced
- 28.03.2017Kapital Bank attends opening of International Financial Council
- 28.03.2017Azersigorta gets 14% decline in assets
- 27.03.2017Moody’s makes comparison of adaptation to low oil period between Azerbaijan and Kazakhstan
- 27.03.2017Central Bank attracts AZN 336M
- 17.03.2017Azerbaijan-based insurers ranking for market share of premiums
- 17.03.2017Azerbaijan-based banks’ net worth exceeds AZN 2B
- 17.03.2017Azerbaijan-based insurers ranking for market share of payments
- 17.03.2017Azerbaijan-based insurers ranking for premiums
- 17.03.2017Azerbaijan-based insurers ranking for payments
- 17.03.2017EIB allocates €20M loan to AccessBank
- 17.03.2017USD rate continues to decline
- 17.03.2017Number and salary of workers in economy announced
- 17.03.2017Paid services decline 3% in Azerbaijan
- 17.03.2017PM: IBA former management’s criminal activity worsened the situation
- 17.03.2017PASHA Bank Georgia ends 2016 on profit
- 17.03.2017Azerbaijan sees rise in consumption market
- 17.03.2017Catering turnover amounts to over AZN 177M
- 16.03.2017SCC increases budget transfers 52%
- 16.03.2017Azerbaijan’s positive balance from foreign trade turnover makes up $682M
- 16.03.2017Azerbaijan’s mobile operators earn over AZN 125M
- 16.03.2017Azerbaijan increases car import by 22%
- 16.03.2017Average exchange rate of for February announced
- 16.03.2017State budget executed with AZN 179M surpluses in January-February
- 16.03.2017USD rate for tomorrow announced
- 16.03.2017Central Bank to take adequate measures about impact of Federal Reserve’s decision on Azerbaijan - EXCLUSIVE
- 16.03.2017AZN 10B asset transferred from IBA
- 16.03.2017Banks’ capital position remaining sensitive to external shocks - FIMSA
- 16.03.2017SOCAR to increase oil output 4.7% this year – Fitch
- 16.03.2017Fitch announces its forecast on inflation and manat rate in Azerbaijan
- 16.03.2017Confidence in manat should be restored – Fitch
- 16.03.2017Transfer of $7.5B from SOFAZ to CBA will strengthen manat – Fitch
- 16.03.2017US Federal Reserve’s decision may indirectly affect Azerbaijan – central bank
- 16.03.2017Fitch forecasts negative outlook for some Azerbaijani banks this year
- 15.03.2017USD rate for tomorrow announced
- 15.03.2017Ministry of Taxes transfers nearly AZN 940M to state budget
- 15.03.2017AMF gets 42% rise in profit
- 15.03.2017Bank of America: Manat has great potential to be strengthened
- 15.03.2017AMF Supervisory Board composition announced
- 15.03.2017GDP increases 0.4% in Azerbaijan
- 20.05.2014Budget organizations’ debts for utility and communication services make AZN 8 mln
- 21.05.2014Azerbaijan-based banks ranking for profit
- 21.05.2014Meeting of Azerbaijan-Switzerland Joint Commission to be held
- 19.05.2014Azerbaijan-based banks ranking for total capital
- 19.05.2014Malena Mard: “The EU and Azerbaijan are being negotiating on the association agreement”
- 19.05.2014Azerbaijan-based banks ranking for authorized capital