The International Monetary Fund (IMF) approves investment policy of the State Oil Fund of the Azerbaijani Republic (SOFAR) for 2012, as stated by Nadeem Ilahi, deputy head of a section at the Middle East and Middle Asia Department of the IMF, Trend reports.
85% of SOFAR’s investment portfolio will be formed by instruments of the monetary market and long-term loans. 5% will be spent on shares, 5% on real estate, 5% on gold. Gold and real estate are new aspects of investments.
50% of assets will be in dollars, 40% in euro and 5% in pounds. 5% may be held in currencies of G7 states with at least A rating of Standard and Poor’s and Fitch Ratings and A2 of Moody’s, Russia and Turkey.
The benchmark for income of portfolio is the three-month LIBOR rate in related currencies (except euro), published by the Association of British Banks, the three-month EURIBOR, according to the MSCI World Index.
According to April 1, 2012, the SOFAR increased assets by 8.6%, compared with early 2012 ($29.8 billion), totaling $32.359 billion. The investment portfolio in Q1 totaled about $32.3 billion or 99.79% of assets.
The currency rate is 0.786 AZN/USD.
