Oil fund`s assets to top $14bn by 2010
The assets of the State Oil Fund (SOFAR), the body
that holds Azerbaijan`s revenues from crude exports, will exceed
$14 billion by the end of 2009, according to its executive
director, Shahmar Movsumov.
As of January 1, 2009, the figure stood at $11.2bn.
Movsumov said the fund has managed to secure asset growth in the past two years despite the world economic crisis. According to Movsumov, SOFAR`s increasing currency reserves indicate that the Azerbaijani government is pursuing a proper policy.
The executive director noted that SOFAR faces three objectives - placing assets abroad to reduce adverse impact on the national economy, collecting funds for future generations and promoting socio-economic development in the country.
As of January 1, 2009, the figure stood at $11.2bn.
Movsumov said the fund has managed to secure asset growth in the past two years despite the world economic crisis. According to Movsumov, SOFAR`s increasing currency reserves indicate that the Azerbaijani government is pursuing a proper policy.
The executive director noted that SOFAR faces three objectives - placing assets abroad to reduce adverse impact on the national economy, collecting funds for future generations and promoting socio-economic development in the country.
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