State Oil Fund of Azerbaijan (SOFAZ) is investing USD500mln in Chinese yuan in 2015.

Head of the Fund Shahmar Movsumov said this in his interview to Bloomberg.

He noted that the Fund also considers the option of investing in Japan, Hong Kong and Singapore.

The currency structure of the SOFAZ for 2015 is as follows: 50% of assets can be placed in the USD, 35%- EUR, 5%-  GBP, and the remaining 10% - other currencies.

Commenting on the drop in oil prices, Movsumov said that due to low prices for oil, the SOFAZ assets may reduce by nearly USD3bln.

According to him, the reserves accumulated in the country will help SOFAZ overcome the hurdles.

“We will be able to protect our currency. By curbing expenses, we will try not to harm the real sector of the economy”, said Movsumov.