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SOFAZ sharply increases investments in Russian ruble

21 November 2012 10:10 (UTC +04:00)

Early next year it is considered to increase the volume of Fund’s assets in ruble by 5 times up to $500 mln, Russian trade representative to Azerbaijan Yuri Shedrin said, APA reports.

He reminded that on October 19, 2012 SOFAZ has invested RUB 3 billion (USD 100 million approximately) into the short term deposit at one of the biggest banks in Russia, Gazprombank. At present, negotiations between the Fund and VTB, Sberbank, Vneshekonombank, Rosselkhozbank are nearing the finish. Probably, these investments will be realized in the beginning of 2013.

Moreover, Shedrin noted that SOFAZ intends to invest in real estate market of Russia, too. ‘The Fund plans to purchase real estate in Moscow city’.

Note that, according to the "Investment Policy of the State Oil Fund of the Republic of Azerbaijan" up to 5% of the Fund’s assets can be invested in assets denominated in Turkish Lira and Russian Ruble.