Azerbaijan to hold on to FX reserves despite oil price slump

SOFAZ, which has $35 billion of assets, reported a decline in its holdings in the first half of the year because of changes in currency rates and falling prices of some of its assets. The government will not go for a drawdown of the fund and will try to keep the assets this year and in 2016, Aliyev said.

Aliyev said Azerbaijan's income from the sale of crude oil fell sharply due to the falling prices. But the country has been able to withstand the crisis thanks to a diversified economy, he said.

Aliyev said the plunge in oil prices could have political reasons.

He accused "some forces” of causing trouble in the Middle East and the former Soviet Union, saying the same forces sought to stir up unrest in Azerbaijan in 2011 and 2012.

The attempts failed due to the "unity between the government and people of Azerbaijan”, he said.