SOFAZ plans Russian ruble purchase
Azerbaijan, Baku, Sept.20 /Trend E.Ismaylov/
The State Oil Fund of Azerbaijan (SOFAZ) will purchase Russian rubles until the end of the year, the executive director of SOFAZ Shakhmar Movsumov reported to the journalists on Wednesday.
To minimize risks, negotiations are being carried out with a number of Russian banks. Specific information on the purchase will be given upon reaching agreement.
Movsumov said that the Fund already purchased an undisclosed amount of Australian dollars and Turkish liras.
The Oil Fund's investment portfolio currency structure allows 50 percent of assets in US dollars, 40 percent in euro and 5 percent in English pounds sterling. 5 percent is left for currencies of Russia, Turkey and other countries of the "Great Seven," with established credit ratings not lower than "А" (Standard and Poor's, Fitch Ratings) and "А2" (Moody`s),
SOFAZ assets, as of January 1, 2012, are 29.8 billion USD dollars, increasing by 30.9 percent compared to the beginning of the previous year (22,766.8 million USD). Within half a year SOFAZ budget rose by 9.6 percent to 32, 666 million dollars.
According to forecasts, SOFAZ 2012 assets will reach 34 billion dollars.