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SOFAZ won't place deposits in other local banks

08 October 2016 11:44 (UTC +04:00)

Baku – APA. The State Oil Fund of Azerbaijan (SOFAZ) has placed a deposit of $1 billion in the International Bank of Azerbaijan (IBA) for a term of one year at interest rate of 4%, SOFAZ told APA-Economics.

“In compliance with regulations relating to SOFAZ and its investment strategy, the Fund's assets are placed abroad. SOFAZ may also have counterparties in domestic financial markets and it can place up to 5 % of investment portfolio (according to paragraph #2.1.3 of the rules on management of foreign currency assets of the State Oil Fund of the Republic of Azerbaijan) at those institutions,” says statement.

It was noted that SOFAZ is not planning to place deposits in other local banks.