SOFAR trusts Turkish banks at 90%

The State Oil Fund of Azerbaijan (SOFAR) increased the portfolio investments in deposits in foreign banks by 89.4 % - to 841 million 559 million mantas in 2013.

As stated in the statement of financial activities SOFAR last year, in 2013, the fund had deposits with 7 banks of Turkey, Russia and the UK. The portfolio of investments in deposits in four Turkish banks is 762.68 million or 90.62 % of total deposits. The deposits in Turkiye Is Bankasi AS Istanbul as of December 31, 2013 amounted to 313.009 million manat (growth by 3.4 times in 2013), Turkiye Garanti Bankasi - 209.095 million manat (in 2012 the Fund had no deposits in the bank), TC Ziraat Bankasi - 131 238 000 manat (minus 4.4%), and Akbank TAS - 109.338 million manat (minus 20.1%).

SOFAR investment in the form of deposits in Russian banks at the beginning of this year, was 78.866 million manat, including Gazprombank - 78.817 million (0.36 %) and VTB Bank - 49 million manat (minus 25.8%).

In addition, the fund has investment deposits in BNP Paribas, London of 13 million manat (by the end of 2012 the deposits in the bank amounted to 86 million manat). - 17D-