14.10.2016 - SOFAZ reveals economic indices
Azerbaijan's state oil fund SOFAZ, which accumulates and manages the energy-rich country's oil and gas revenues, has managed to derive profit and raise its revenues by benefiting from the currency exchange rate differences. Year to date, the Fund gained some 2.5 billion manats ($ 1.56 billion) [non-budget gains], due to differences in the currency rates. Fund's CEO Shahmar Movsumov, speaking at a press conference on October 12, said that SOFAZ assets increased by 6.7 percent compared to early 2016, and amounted to $35.82 billion, mentioning that profit and expenditures of the Fund stood at 6.62 billion manats ($ 4.13 billion) and 3.82 billion manats ($ 2.38 billion), respectively..........................................Full Article: Source
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