| Azerbaijan's sovereign balance sheet is one of the strongest of any rated sovereign and underpins the rating, the statement says. The State Oil Fund of Azerbaijan (SOFAZ) reached USD37.6bn in 1H14. Adding USD15bn in foreign-exchange reserves at the Central Bank of Azerbaijan (CBAR), the sovereign's gross external assets are equivalent to 69% of GDP.
Fitch expects further modest growth in sovereign assets as the current account registers (diminishing) surpluses in 2014-16. This should provide a buffer against oil price or production shocks and support the manat's (AZN) peg to the USD at AZN0.78/USD1...............................................Full Article: Source
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