Oil Fund to receive $2.4 bn from bonds


April 6, Fineko/abc.az. SOFAZ is carried out annual transfers in a certain amount to the State Budget, and the Fund, in turn, retains assets in the investment portfolio in the very short-term prospect, at least up to this amount, to cover these costs.

ABC.AZ reports with reference to SOFAZ’s information that Fund’s finances also play the role of a “safety cushion” during external shocks to the country's economy and are used to cover the fiscal deficit that may arise in the State Budget.

Taking this into account, an important part of SOFAZ's funds are high-quality liquid instruments that can be used immediately without causing harm. Thus, up to 70% of Fund's assets are debt portfolios and money market instruments. By the end of March the amount of cash received in revenue only in assets denominated in US dollars was about $4 billion. At the same time, SOFAZ will receive only funds in the amount of about $2.4 bn on the refund of the principal amount expressed in US dollars.