The State Oil Fund of Azerbaijan (SOFAZ) is considering the issue of including the Chinese yuan in SOFAZ’s currency basket, the head of SOFAZ Shahmar Movsumov said. He said that all SOFAZ’s assets, including the investment portfolio, are in foreign currencies.
"SOFAZ’s assets are in US dollars, euros, British pounds and other currencies for diversification. Taking into account that assets in a foreign currency impact the balance sheet in manats, the fluctuations in foreign currency exchange rates versus the manat lead to the exchange rate difference. This exchange rate difference is the accounting profit or loss as a result of those assets in manat and national currency fluctuations compared to other currencies, even if there is no change in the foreign currency assets. Thus, depending on the currency fluctuations, the mentioned exchange rate difference can be either SOFAZ’s loss or profit. However, given the fact that it is of an accounting nature, it has no effect on the real value of SOFAZ’s total assets in foreign currencies," Trend cited Movsumov as saying.
He said that as part of SOFAZ’s investment policy, up to 50% of the assets are in US dollars, up to 35% in euros, and up to 5% in British pounds, with the remaining 10% in other currencies, including the Russian ruble, the Australian dollar, Korean Won and Turkish lira.
"We will consider the issue of including the Chinese yuan in SOFAZ’s currency basket in 2015. SOFAZ’s assets were quite diversified by asset allocation in different currencies to minimize the currency risks," Movsumov stressed, adding that SOFAZ will continue diversifying the currency basket in the future.
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