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SOFAZ doesnâ€™t plan to invest in foreign shares

02 June 2009 16:35 (UTC +04:00)

Baku. Nijat Mustafayev - APA-Economics. State Oil Fund of Azerbaijan (SOFAZ) has no plans to invest in shares of foreign countries in the near future, said SOFAZ Executive Director Shahmar Movsumov.

According to him, in the light of the global financial crisis it is not appropriate to haste.
â€œWe have to wait for the financial crisis to calm down and its impact on market vanish,â€ he added..

As of April 1, SOFAZâ€™s assets stood at 8 721.4 mln. manats (USD 10 863.9 mln.).

In addition, SOFAZâ€™s investment portfolio reached USD 10 512.94 million. Of this, 54.57% was held in the US dollar, 40.15% in the euro, 5.28% in the pound sterling and 3.23% in the manat.

38.72% of the investment portfolio is in sovereign bonds, 46.18% in agencies and international institutionsâ€™ bonds, 6.19% in deposits and market instruments, 6.03% in financial bonds and 1.8% in corporate bonds.