OREANDA-NEWS. April 28, 2009. Investment portfolio of the State Oil Fund of Azerbaijan (SOFAZ) for the first quarter of 2009 reduced from USD 11.189 bn to USD 10.512 bn.

SOFAZ executive director Shahmar Movsumov says that today 54.5% of Fund’s assets were place in terms of US dollars, 40% in euro and 5.28% in pounds of sterling.

“It conforms to fixed composition and minimizes risk of losses because of currency fluctuations at world markets,” Movsumov said.

By 1st April 2009, the SOFAZ had USD 5.737 bn, 3.186 bn euro and 387.59 million pounds of sterling. Fund’s assets in country’s national currency totaled USD 350.95 million. As a result, SOFAZ overall assets were equal to USD 10.86 bn.