The State Oil Fund of Azerbaijan (SOFAZ) held a seminar for the media on the topic of asset management of the structure. According to Bahruz Bahramov, the Head of Risk Management of SOFAZ, SOFAZ assets at the end of this year, projected at $ 35 billion.
After three quarters of 2015 the volume of foreign exchange funds of SOFAZ declined by 2.567 billion dollars, amounting to 34.738 billion dollars.
On September 30, 2015 the investment portfolio in the amount of 34.604 billion US dollars is as follows: 47.8% - US dollars, 35.9% - the euro, 5.0% - Pounds. The rest of the portfolio consists of Turkish lira, Russian rubles, Korean won, Chinese yuan, Japanese yen and other currencies, as well as 3.2% - gold.
During the last year SOFAZ assets decreased due to the fall in oil prices. -02D-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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