Gold revenues of Oil Fund sharply increased

Gold revenues of Oil Fund sharply increased
  • Clock-gray 16:54
  • calendar-gray 09 July 2020

Last year, the interest incomes of the State Oil Fund of the Azerbaijan Republic (SOFAZ) calculated by the effective interest rate method made up AZN 40,914 thousand which is 2.1 times less compared with 2018, "APA-Economics" reports citing the consolidated financial reports of SOFAZ for 2019.

According to the report, the dividend incomes of the Fund increased by 46.4% and reached AZN 390,334 thousand, while the net income for gold bars increased by 36.8 times and reached AZN 1,194,590 thousand. The Fund’s net damage from foreign exchange difference in foreign currency operations decreased by 2.7 times and dropped to AZN 524,267 thousand.

Besides, the rental incomes of SOFAZ decreased by 8.2 times and made up AZN 32,937 thousand. Thus, in the reporting period, the total operational incomes of the Fund made up AZN 4,443,032 thousand. Note that in 2018, the total operational loss of SOFAZ equaled to AZN 703,358 thousand.

Mirsaid İbrahimzade

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