Azerbaijan State Oil Fund: Ruble's drop will not affect Fund's assets

Baku. 18 December. REPORT.AZ/ In recent months, a sharp depreciation of the Russian ruble against the world's leading currencies will not affect the investment portfolio of the fund assets of State Oil Fund of Azerbaijan (SOFAZ). Report was informed from the Fund.

According to the investment policy of the Fund, 50% of its assets are US dollars, up to 35% -Euros, 5% - the British pound sterling and 10% are the Russian ruble.At present, the share of Russian rubles is about 1% of the investment portfolio, was told from the Fund.

In addition, SOFAZ noted that in recent years, the slowdown in economic growth in developing countries including Russia, as well as geopolitical risks in the region are characterized by the depreciation of ruble and currencies of developing countries against the US dollars: This, in turn, caused a decrease in the value of SOFAZ assets denominated in Russian ruble.

In the background of the known events, despite the high volatility of the stock price of Bank VTB, in accordance with the substance of investment strategy of the Fund, such investments are meant for the long term but not for short-term and speculative purposes.

In addition, we believe, bank characterized by the importance of the system at high financial sector of Russia, will not face serious long-term problems.