The official exchange rate for March 12 is 1. 0498 AZN / USD.
“We have a map with flags in countries where we have investments - it`s almost covered with flags,” Movsumov said. “That has happened in the past 10 years.”
SOFAZ expects to start investing in China imminently, having just received approval from the People`s Bank of China for a 3 billion Chinese Yuan renminbi (nearly $500 million) quota from Beijing, Movsumov said. Also, SOFAZ is looking to expand in private equity by making an investment in a large western fund, said the article.
“This industry is completely new for Azerbaijan,” Movsumov said. “We have built a world class asset management company in a country without any legacy of asset management.”
The next step will be to open an office abroad, most likely in London, he said.
As of January 1, 2015, SOFAZ assets increased by 3.42 percent and hit $37.104 billion compared to early 2014 ($35.878 billion).
SOFAZ was established in 1999 with assets of $271 million.
Based on SOFAZ`s regulations, its funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems.
The main goals of the State Oil Fund include: accumulation of resources and the placement of the fund`s assets abroad in order to minimize the negative affect on the economy, the prevention of “Dutch disease” to some extent, promotion of resource accumulation for future generations and support of current social and economic processes in Azerbaijan.
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