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SOFAZ increases investments in bank deposits by AZN 2B

As of December 31, 2017 the State Oil Fund of Azerbaijan’s (SOFAZ) investemnts in deposits increased 2.1-fold or AZN 1,965,420,000 to AZN 3,758,908,000, APA-said the SOFAZ audit report for 2016 conducted by PricewaterhouseCoopers Audit Azerbaijan LLC.

According to the report, SOFAZ investments were in four Turkish and one Azerbaijani bank.

 

As at the end of 2016 the deposits in International Bank of Azerbaijan amounted to AZN 1,773,750,000.

 

Deposits in the Turkish Ziraat Bankasi A.S. increased 10.46% ot AZN 40.629 million to AZN 429.025 million.

 

Throughout the year, SOFAZ invested AZN 46.424 million in Akbank T.A.S and the investments reached AZN 280.168 million.  

 

As of January 1, 2017 the Fund has AZN 637.977 million in Turkiye Is Bankasi A.S., up AZN 53.812 million from previous year.

 

SOFAZ investments in Turkiye Garanti Bankasi AS increased AZN 50.805 million to AZN 637.988. So, SOFAZ additionally invested AZN 50.805 million in this bank. 

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