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Azerbaijan Accounting Chamber recommends to State Oil Fund to review strategic partition of assets

14 April 2011 12:45 (UTC +04:00)

According to APA-Economics, ACâ€™s report says that the Fundâ€™s activity in this sphere was appreciated.

The income from management of Fundâ€™s assets was overfulfilled by 55.3% in 2008, 44.7% in 2009, in accordance to affirmed budget projects. According to report, use of Fundâ€™s assets is implemented by the presidentâ€™s orders in accordance to the affirmed directions. 50% of total foreign currency was in USD, 40$ in Euro, 5% in pound sterling and 5% in other currencies, during the audit period. 96.89% of Fundâ€™s investment was placed in bonds, 1.72% in liquid funds, 1% in deposits, 0.04% in ordinary shares, 0.35% in current accounts.

SOCAR was given several recommendations during the audit. That is, taking into account the consideration of Fundâ€™s investment activity for more lasting period, as well becoming of oil incomes into more durable financial instruments, it has been considered expedient to review strategic distribution of Oil Fundâ€™s means, analytic analysis of profitability indicators managed by foreign managers and taking appropriate measures, increase preventive measures realized in connection with reduction of the risks occurred as a result of hesitations on international capital and securities market conjunctivas to minimum.