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Sovereign Wealth Funds Briefing - Categorized | Financials, Fund Management/Administration

Azerbaijani State Oil Fund determines second bank to place ruble deposit

Posted on 16 November 2012

The State Oil Fund of Azerbaijan (SOFAZ) is negotiating with Russia’s VTB Bank within the ruble portfolio expansion, SOFAZ head Shahmar Movsumov told media today. “At present, the negotiations with VTB Bank are under completion,” Movsumov said.
According to the new investment strategy, the State Oil Fund of the Azerbaijani Republic began investing in assets denominated in Russian rubles on October 19, 2012. At present, SOFAZ’s investment portfolio includes only short-term deposit in the Russian “Gazprombank” to the amount of 3 billion rubles ($ 100 million)………………………………………..Full Article: Source

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