Today.Az » Business » Risky to keep SOFAZ's funds in local banks, says Shahmar Movsumov
01 May 2007 [10:47] - Today.Az
Today it is risky to keep State Oil Fund's assets in the local banks. It is better to keep funds in foreign banks at low interest than in local bank at higher interest rates, said the Executive Director Shahmar Movsumov.
He added that the SOFAZ continues to keep its funds in foreign banks in three currencies because of the oil price fluctuation possibility depending on the US-Iran relations. The funds are kept 55% in dollar, 35% in euro and 5% in pound sterling, he noted. APA-Economics
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