The State Oil Fund of Azerbaijan (SOFAZ) has no plans to increase the deposit in the International Bank of Azerbaijan (IBA), said at a press conference the Executive Director of the Fund Shahmar Movsumov.
“According to the rules of the Fund, we can place in local banks up to 5% of the investment portfolio. That is about $ 1.6 billion. We placed in the IBA an annual deposit of $ 1 billion, so it is possible to invest about half a billion more. Such plans do not exist yet, but it is possible. There are no plans to open deposits with other local banks,” said Movsumov.
He noted that SOFAZ has not yet made a decision to close the deposit after a year or extend it. "In this respect there are negotiations, and 4% is a good rate," said Movsumov.
The term of the annual deposit of SOFAZ with IBA will expire on March 16, 2017. -12C--
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