Azeri oil fund plans to buy Russian rubles
Azerbaijan's state oil fund Sofaz will begin purchasing Russian rubles until the end of the year, its executive director, Shahmar Movsumov, told journalists.
Movsumov said that to minimize risks, negotiations are underway simultaneously with several Russian banks, adding that specific information on the purchase will be provided upon reaching agreement.
The fund has already purchased Australian dollars and Turkish liras, Movsumov said, without citing the amount of the purchases.
The currency structure of the oil fund's investment portfolio allows holding 50 percent of assets in US dollars, 40 percent in euros and 5 percent in British pounds. 5 percent is reserved for the currencies of Russia, Turkey and G7 countries.
Sofaz assets, as of January 1, 2012, amounted to $29.8 billion, increasing by 30.9 percent compared to the beginning of 2011 when the figure was $22.7 billion. Within half a year the fund's assets rose 9.6 percent to $32.666 million.
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