According to results of the first quarter of this year, although volume of gold assets in the investment portfolio of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) (101,8 tonnes), their share has dropped to 12.9% (according to results of 2020), noted in the presentation of the SOFAZ on results of investment activity in the 1Q2021, APA-Economics reports.
As of 01 April, 2021, the value of SOFAZ`s assets under management amounted to USD 42 761.3 million, decreasing by 1.84% compared to the start of the year (USD 43 564.3 million). Even though the budget revenues exceeded the budget expenses, a decrease in gold price and depreciation of major portfolio currencies against the US dollar resulted in the decline of SOFAZ’s assets.
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