In 2016 SOFAZ opened an annual deposit account to the amount of $500 million at the International Bank of Azerbaijan (IBA).
According to SOFAZ, annual rate of the deposit worth $500 million is 4%. The annual deposit contract expires on March 16, 2017.
According to the SOFAZ report, in 2015 profitability of the investment portfolio of SOFAZ constituted 1.24%. During the past 10 years (2006-2015) average profitability of the SOFAZ portfolio constituted 2.42% a year.
By January 1, 2016, SOFAZ’s assets, which are managed by the foreign managers, totaled $2,376,000,000 or 7.1% of the Fund’s assets.—0—
Economics
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Azerbaijan President Ilham Aliyev has signed a decree to strengthen social protection for pensioners by implementing pension indexation, effective from January 1, 2025.
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The Italian government has extended the deadline for applications in the international tender for the sale of several strategic assets until February 14, confirming that a bidder from Azerbaijan remains among the frontrunners.
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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