Investments of State Oil Fund of Azerbaijan (SOFAZ) in pound sterling remained unchanged after Brexit referendum, SOFAZ Executive Director Shahmar Movsumov on Tuesday.
He said SOFAZ was not affected by Brexit. “The main reason for investing 5% of the portfolio in pounds sterling is diversification. We are attaching great importance to it.
We save our money in different currencies for the portfolio not to be affected by the changes. Many people say the pound sterling devalued. However, if the pound sterling devalued, it means other currency overvalued. Here we mean dollar. Fifty percent of our portfolio is at USD. Thus, the portfolio overvalued 50%. Therefore, we do not take into account the relative volatility”, SOFAZ Executive Director said.