Reducing the rate of growth of the Russian economy, the devaluation of the ruble and other currencies of developing countries associated with geopolitical risks inherent in the region are affecting the profitability of assets of the State Oil Fund of Azerbaijan (SOFAR), denominated in rubles. However, the Fund's investment portfolio in Russia as of 1 January of this year was estimated at $ 568.2 million (1.5% of the total portfolio).
According to the report of SOFAR, its management does not intend to leave the long-term markets such as VTB Bank, which is invested, because funds not only from Azerbaijan. but also from the Norwegian Petroleum Fund and the Sovereign Fund of Qatar are invested there.
Recall, by January 1, the total assets of SOFAR were at $ 37.1 billion and the investment portfolio of SOFAR was $ 36 billion 740.3 million. Regarding the Russian Federation, in 2012 the Fund acquired the retail and office center Gallery Actor in the center of Moscow, at 16 Tverskaya Street for $133 million. In addition, the State Oil Fund has invested in the acquisition of shares of VTB Bank. --17D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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