SOFAZ assets decreased


May 3, Fineko/abc.az. As of 1 April 2021 the assets of the State Oil Fund of Azerbaijan (SOFAZ) decreased by 1.8% compared with the end of 2020.

ABC.AZ reports with reference to SOFAZ that in the 1st quarter of this year Fund's assets reduced to $42.76 bn.

Despite the fact that for the reporting period the budget revenues exceeded budget expenditures, the reason for the decline in assets was the fall in gold prices and the weakening of the exchange rates of the main currencies that make up the investment portfolio against the dollar.