During three years Oil Fund lost one third of its assets on investments into Australian dollar
In the second half of this year State Oil Fund of Azerbaijan (SOFAZ) had no luck at all.
In early July SOFAZ invested $483 million into Chinese Yen. However, a month later the Chinese national currency suddenly devalued and the Oil Fund’s losses totaled over $10 million.
Australian dollar has devalued in early September. In July 2012 SOFAZ invested 200 million Australian dollars into the state bonds of Australia. That time Australian dollar was equal to 1,02688 USD. By January 1, 2015 1 AUD was equal to 0,81701 USD and by September 1 – 0,70114 USD.
As compared to early 2015 the investments devalued by 14.18% or by $23,174,000 and only in August the losses constituted 3.96% or $5,782,000.
SOFAZ’s assets in AUD devalued by 31.7% since July 2012.
* By July 1, 2015 SOFAZ’s assets totaled $35,726,200,000, of which 50.1% were in USD, 34% in Euro, 5.1% in British pounds, 1.5% in rubles, 1.4% in Chinese Yuan, 1.2% in Korean won, 1.1% in Turkish Lira, 0.6% in AUD and 1.5% in other currencies. In addition, 3.2% or $1.4 billion of SOFAZ’s assets are on golden bullions.—0—
Economics
-
On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
-
Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
-
Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
-
Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
Leave a review