The assets of the State Oil Fund increased by 22.5% compared to the beginning of the year, reaching 73.541 billion US dollars (125.020 billion manats).
In addition, during January–December 2025, ARDNF's total revenues amounted to 37.594 billion manats. Revenues obtained from the management of the Fund's assets amounted to 6,894.1 million manats. ARDNF's extra-budgetary income due to the difference arising from changes in currency exchange rates and gold prices amounted to 20,434.0 million manats for the reporting period.
Economist Natig Jafarli told Modern.az that the increase is related to the correct policy pursued by the Oil Fund:
"The reason for the sharp increase in the Oil Fund's assets is the rising price of gold. The Oil Fund, by pursuing a correct strategy, has increased its gold purchases in the last 2 years. The price of gold has also increased by up to 48 percent in these last two years. As assets are ultimately compared in dollars, they have risen to a higher level – 73 billion US dollars " .
He noted that here, one simply needs to pay attention to the fact that the price of gold has a saturation level:
"After a certain period, gold, which is at its maximum level, may fall. This is also related to geopolitical tensions in the world. As conflicts subside, the value of gold will decrease".
The economist stated that the State Oil Fund should establish its next correct strategy:
"When the price of gold reaches its maximum, its value should be converted into currency. The price increase will continue for at least the next 3-4 months. Because geopolitical tensions continue – Iran, the Ukraine-Russia war, the Venezuela incident. As soon as a glimmer of hope for the resolution of these issues appears, declines in gold prices will be observed" .
