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
- 29.04.2016Azerbaijan to develop Action Plan on combating terrorism financing
- 29.04.2016Loans must be available for pensioners – Kapital Bank - EXCLUSIVE
- 29.04.2016Gunay Bank makes staff changes in Supervisory Board
- 29.04.2016New director-general appointed to Embawood - EXCLUSIVE
- 28.04.2016MasterCard profit beats expectations as purchase volumes rise
- 28.04.2016About AZN 3.5B toxic assets cleaned from IBA balance sheets
- 28.04.2016Agrarcredit ends Q1 on profit
- 28.04.2016Baki Sigorta’s head resigns - EXCLUSIVE
- 28.04.2016Demirbank gets 15% rise in assets
- 28.04.2016Stake and number of AGBank shareholders changed
- 27.04.2016Fed keeps rates unchanged
- 27.04.2016Dutch economic affairs minister to visit Azerbaijan
- 27.04.2016National Bank of Pakistan ends first quarter on profit
- 27.04.2016Several large markets avoid showing turnover – ministry
- 27.04.2016CDB Bank earns AZN 5.5M in Q1
- 26.04.2016Parabank sees 2.4 times rise in personal savings
- 26.04.2016AtaBank earns AZN 6M in Q1
- 25.04.2016USD rate continues to fall
- 25.04.2016Chief appointed to insurance supervision department of Financial Markets Supervisory Authority
- 25.04.2016Azer-Turk Bank triples assets
- 25.04.2016AFB Bank gets profit in Q1
- 25.04.2016Silk Way Insurance gets profit in Q1
- 22.04.2016Bank Eurasia gets profit in Q1
- 22.04.2016IBA, Bank Standard not going to merge
- 22.04.2016Texnikabank’s depositors received over AZN 115M compensation
- 22.04.2016Ziraat Bank Azerbaijan's deputy head resigns
- 21.04.2016Baku Metro earns AZN 43 M from passenger transportation
- 21.04.2016ADIF announces volume of compensation paid to two closed banks’ customers
- 21.04.2016Baku Metro’s authorized capital reaches AZN 2.4B
- 21.04.2016PASHA Bank gets AZN 37M profit in Q1
- 21.04.2016Azerbaijani President confirms amendments to "Law on Non-Banking Credit Institutions"
- 21.04.2016Muganbank sees rise in troubled loans
- 21.04.2016Gunay Bank gets AZN 2M profit in Q1
- 21.04.2016KredoBank dismisses several branch heads
- 21.04.2016New head appointed to DemirBank
- 20.04.2016IIB appoints new representative to Amrahbank’s Supervisory Board
- 20.04.2016SOFAZ gets 2% rise in assets
- 20.04.2016Bank Silk Way gets profit in first quarter
- 20.04.2016IBA makes staff changes
- 20.04.2016Official exchange rates