In 2013 the State Oil Fund of Azerbaijan (SOFAZ) plans to increase gold resources up to 30 tons, Shahmar Movsumov, Executive Director SOFAZ, said in his interview to The Business Year magazine.
He said in the long-term gold will act as an effective instrument to insure against inflation and currency risks. In 2012 the Fund bought 15 tons of gold. Three batches of gold 1 ton each have been already delivered to Azerbaijan.
Movsumov also added that in 2012 SOFAZ expanded the currency portfolio, which included Australian dollar, Russian ruble and Turkish lira.
“We plan to include both state and private shares into our portfolio. We are also going to strengthen our positions in field of immovable property. At present we study new regions, which are attractive for the immovable property investments,” Movsumov said.
“In 2012 we are going to launch several new projects in cooperation with SOCAR. SOFAZ will fund construction of the trans-Anadolu pipeline (TANAP), which is a part of the Southern Gas Corridor and will allow transporting gas to Europe,” Movsumov said.—0—
Economics
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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.
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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.
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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.
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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.
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