SOFAZ suspends work on new strategy

The State Oil Fund of the Azerbaijan Republic (SOFAZ) suspended work on developing a new strategy until the world financial markets stabilize, SOFAZ Head Shahmar Movsumov said on Friday.

He said the fund decided to suspend work on the new strategy given current instability in the global market, the threat of default in the U.S., and Europe’s credit problems.

Movsumov said it is difficult to make predictions about when new strategy work will be re-launched, given the market’s current lack of stability .

He said the fund is unlikely to change the currency’s composition yet .


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