Following 2010 Azerbaijan’s Oil Fund to win back financial loss of first half-year
Baku, Fineko/abc.az. The State Oil Fund of Azerbaijan (SOFAZ) is going to win back accounting losses formed because of exchange rate difference in the first half of 2010.
Informed sources link Fund’s exchange losses with an excessive rise of euro exchange rate to base currency (U.S. dollar) of SOFAZ.
"Panic rise of euro rate has stopped, and following this year SOFAZ expects recovery of lost assets in accounting terms," a source said.
Fund’s exchange rate losses for the first half-year were estimated in 826 million manats (over $1 billion).
At yesterday’s Cabinet Ministers meeting chaired by President Ilham Aliyev SOFAZ executive director Shahmar Movsumov stated that by 1 October the Fund earned its first $1 billion in the SOFAZ’s entire history from the management of its assets.
"Today Funds assets total $20 billion, and over the past 3 years they increased 10-fold. Assets accumulation will continue, and within 5 years they will reach $50 billion," Movsumov said.
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