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Sovereign Wealth Funds Briefing - Category | Reserve Currencies more

Russia empties Reserve Fund, makes priority to defense sector

Posted on 22 November 2016 by VRS  |  Email |Print

Arms purchases will not be cut, Russia’s Finance Minister Anton Siluanov said to the members of the State Duma when the 3-years Federal Budget for 2017-2019 was approve last Friday, TASS news agency reports.
“Spending on defense is one of the priorities, the volume of purchases of arms and military equipment is not reduced despite all the difficulties,” Siluanov said. The budget envisages a budget deficit of 3,2% of GDP next year while 2019 will se a 2,1% growth…………………………………….Full Article: Source

Oil Fund to cease to be main financial source for Azerbaijan’s budget since 2017

Posted on 22 November 2016 by VRS  |  Email |Print

The State Oil Fund (SOFAZ) is unlikely to be the main financial source for the budget of Azerbaijan. Presenting State Budget 2017, the Ministry of Finance of Azerbaijan reported that the transfer to the budget from SOFAZ will reduce from AZN 7.615 bn to AZN 6.1 bn, and the Ministry of Taxes, revenues from which are expected to increase from AZN 7.01 bn up to AZN 7.21 bn will be ahead of it on the significance for the State Budget.
The State Customs Committee will remain the third most important financial source. It is expected to increase charge from AZN 1.8 bn up to AZN 2.2 bn…………………………………….Full Article: Source

US dollar price in Azerbaijan rises up to new absolute record

Posted on 18 November 2016 by VRS  |  Email |Print

The Central Bank and the State Oil Fund of Azerbaijan (SOFAZ) have taken part today in a regular bipartite foreign exchange auction, and the national currency has fallen the next time running.
According to the CBA, on 17 November the foreign currency auction began from manat rate of AZN 1.7039 to the US dollar. Following the auction the rate of the American currency soared up to AZN 1.7089 to the US dollar. This price has become the highest value of the American currency during the whole period of existence of the Azerbaijan Republic……………………………………..Full Article: Source

Under financial strains, Turkey designs “parallel budget”

Posted on 11 November 2016 by VRS  |  Email |Print

Last week, Turkey’s government appointed the head of the Privatization Administration, Mehmet Bostan, as director general and board chairman of a newly established public company, the Turkish Sovereign Wealth Fund, moving a step closer to the creation of a sovereign wealth fund. The plan was first brought up in late July and hastily passed through parliament the following month.
The world’s largest sovereign wealth funds include Norway’s Government Pension Fund, the United Arab Emirates’ Abu Dhabi Investment Authority, the China Investment Corporation, the Kuwait Investment Authority and the Saudi Arabian Monetary Agency’s holdings. Generally, their revenues come from budgetary surpluses………………………………………Full Article: Source

SOFAZ implements sale of currency at auctions

Posted on 03 November 2016 by VRS  |  Email |Print

Azerbaijan’s state oil fund SOFAZ, which accumulates and manages oil and gas revenues of the country, sold some $371 million at currency auctions in October 2016. The Fund is expected to continue the sale of currency at auctions organized by the Central Bank of Azerbaijan.
The sale of currency is implemented within the framework of transfers of SOFAZ to the state budget of Azerbaijan. The transfers of the Fund are forecasted to hit 7.61 billion manat ($ 4.64 billion) in 2016, while the forecasted index for 2017 stands at 6.1 billion manat ($3.7 billion)…………………………………….Full Article: Source

Muhyiddin: 1MDB debts threaten 2017 Budget

Posted on 27 October 2016 by VRS  |  Email |Print

The government is paying for 1MDB’s debts, so former DPM wonders whether it can afford to fulfil all promises made in Budget. Former Deputy Prime Minister Muhyiddin Yassin has questioned the government’s ability to make good promises made in the 2017 Budget as issues related to 1MDB remain unresolved.
In stating so, the Pagoh lawmaker noted that the state investment arm was not mentioned in the recently tabled budget, specifically debts incurred by 1MDB, which he argued would exceed the prescribed limit of 55 per cent of the gross domestic product (GDP)…………………………………..Full Article: Source

State sits on rare funding source

Posted on 25 October 2016 by VRS  |  Email |Print

As New Mexico legislators grappled with budget deficits, they raided cash reserves from various accounts just to pay the bills, some of which were past due. But New Mexico also is one of a few states with a sovereign endowment from energy and mineral deposits that locks away money for future generations.
Severance tax funds in the United States hold a combined value of $70 billion, according to the Pew report. The 77 sovereign wealth funds outside the United States in countries such as Russia, Kuwait, China and France have $8.2 trillion in assets. A severance tax-based sovereign wealth fund is one tool policymakers could consider to answer the challenges posed from a high reliance on these taxes, as it can help transform this volatile, finite tax stream into more permanent, revenue-generating assets………………………………….Full Article: Source

SOFAZ: Azerbaijan’s status in EITI not to affect financing for Southern Gas Corridor

Posted on 14 October 2016 by VRS  |  Email |Print

The status of Azerbaijan in the Extractive Industries Transparency Initiative (EITI) will be discussed on 26 October. Shahmar Movsumov, executive director of the State oil Fund of Azerbaijan (SOFAZ), has stated that the EITI Board’s meeting will take place in Astana, Kazakhstan.
“During the meeting the parties will discuss Azerbaijan’s status in the EITI. The lack of country’s full membership in the EITI will not prevent to raise the financing for such international energy projects as the Southern Gas Corridor,” Movsumov said……………………………………Full Article: Source

Tapping Norway’s Oil Fund Raises Political Hackles

Posted on 07 October 2016 by VRS  |  Email |Print

Low oil prices mean that this year the government for the first time is withdrawing more from the oil fund than it is putting in. Oil-rich Norway could be forming a bad habit.
The government said Thursday it would keep draining money from one vessel—the nation’s vast sovereign-wealth fund—to fill a shortage in another—-the annual budget. Beyond covering immediate spending needs, the government said it wished to support Norway’s economic recovery……………………………………Full Article: Source

Risks Mount for World’s Biggest Wealth Fund

Posted on 07 October 2016 by VRS  |  Email |Print

Even Norway’s politicians are worried they might be taking too much money from their sovereign wealth fund. The government on Thursday revealed plans to withdraw 121 billion kroner ($15 billion) from the $890 billion fund next year as part of an oil-fed spending bonanza that’s filling a budget hole that’s almost 8 percent of gross domestic product.
As recently as 2015, Norway was using oil revenue to replenish its wealth fund. Now, it’s taking out more than half its estimated income from bonds, dividends and real estate to make up for lost oil revenue. Though the fund was created to help Norway cope with tougher times, the withdrawals have started much earlier than expected……………………………………Full Article: Source

Norway Raids More of Massive Wealth Fund to Support Recovery

Posted on 07 October 2016 by VRS  |  Email |Print

Norway is ratcheting up withdrawals from its $890 billion sovereign wealth fund to support a recovery as it foresees a continued slump for the nation’s petroleum industry. The government is boosting oil wealth spending by 10 percent to 225.6 billion kroner ($28 billion) next year, according to the 2017 budget released in Oslo Thursday.
It will withdraw 121.2 billion kroner from its wealth fund, up from 95.7 billion kroner this year. Still, as the economy is now showing signs of recovering, the stimulus to the economy will fade to 0.4 percentage point from the 1.1 percentage point impulse unleashed this year……………………………………Full Article: Source

Norway to spend more of oil wealth to aid economy

Posted on 07 October 2016 by VRS  |  Email |Print

Norway’s government said on Thursday it will spend a bigger chunk of its saved-up oil wealth next year to help the economy withstand the damage wrought by persistently low crude prices. The Nordic country’s finance ministry said it would deploy 3% of the value of its sovereign wealth fund next year, up from 2.8% this year.
That translates into NOK225.6 billion ($28.1 billion) of oil money going toward government expenditure next year. The value of the oil fund, also known as the Government Pension Fund Global, is expected to rise to NOK7.67 trillion by the end of next year from NOK7.42 trillion at the end of this year, the finance ministry said……………………………………Full Article: Source

Norway govt to spend NOK 225 billion from wealth fund in 2017 -NRK

Posted on 07 October 2016 by VRS  |  Email |Print

Norway’s rightwing government plans to raise its spending from the country’s sovereign wealth fund, the world’s largest, to 225 billion Norwegian crowns ($28.01 billion) in 2017, public broadcaster NRK reported on Thursday, citing anonymous sources.
In its revised 2016 budget in May, the government proposed 2016 oil revenue spending of 205.6 billion in the current year……………………………………Full Article: Source

Norway central bank seen increasing crown purchases in 2017 due budget

Posted on 07 October 2016 by VRS  |  Email |Print

Norwegian central bank will increase its daily purchases of Norwegian crowns next year, two economists said on Thursday, after the government presented a 2017 budget that will use more money from the wealth fund than in the current year.
The central bank is selling foreign exchange because the government’s transfers to its sovereign wealth fund have been smaller than before and the national budget is using more of the country’s oil-related income. On Thursday the government said it would use 3.0 percent of the value of the sovereign wealth fund in 2017, or 225.6 billion crowns, up from 2.8 percent and 205.6 billion crowns this year……………………………………Full Article: Source

Norway Set to Use Record Oil Fund Money In 2017 Budget

Posted on 05 October 2016 by VRS  |  Email |Print

Norway’s government is expected to make a rare decision and use just over 3 percent from its giant US$899 billion oil fund - the world’s largest – in next year’s budget, local media report, citing estimates by the statistics office and investment banks.
The government has rarely used more than 3 percent of the Government Pension Fund Global, also known as Norway’s oil fund. The Norwegian fiscal policy sticks to a fundamental rule, the so-called budgetary rule, under which the government may spend no more than the expected real return of the fund, which is estimated at 4 percent per year………………………………………Full Article: Source

Norway, Canada show the way to cash in on resources boom

Posted on 03 October 2016 by VRS  |  Email |Print

Cashed-up Canadian pension funds have been very active in Australia of late, with a strong focus on agriculture, and so has Norway’s $1 trillion sovereign wealth fund. It’s no coincidence that these resource-rich countries have been extending their global investment reach as both of them have a strategy of building up foreign currency assets, which in turn acts as a natural hedge against falling mineral prices.
And as commodity prices have cooled, both Norway and Canada have become richer. That’s right: the massive foreign currency investments of both countries mean that the downturn in mineral prices increases the value of their overseas investments when converted back into local currency……………………………………..Full Article: Source

Azerbaijan’s Oil Fund and Central Bank oversupply market with currency: their total supply exceeds demand 3.1-fold at currency auction

Posted on 30 September 2016 by VRS  |  Email |Print

The State Oil Fund (SOFAZ) and the Central Bank increased the currency oversupply during its centralized sale of foreign currency to banks. SOFAZ reports that today the Central Bank (CBA) has held the next foreign exchange auction.
“At the auction SOFAZ, putting an order for $100 million, sold $48.9 million to 14 banks,” SOFAZ said. In its turn, the CBA announced the putting the application for $50 million………………………………………Full Article: Source

Azerbaijani banks buy over $70M through auction

Posted on 28 September 2016 by VRS  |  Email |Print

Some $70.2 million were sold to 20 Azerbaijani banks through an auction held by the Central Bank of Azerbaijan (CBA) Sept. 27, CBA said in a message Sept. 27.
As much as $100 million was put up for the auction. SOFAZ will continue selling foreign currency through auctions in 2016. The foreign currency is sold as part of SOFAZ’s transfers to Azerbaijani state budget, which are envisaged to stand at 7.615 billion Azerbaijani manats in 2016. SOFAZ was established in 1999 with assets of $271 million……………………………………Full Article: Source

Oil Fund and Central Bank of Azerbaijan hold currency oversupply

Posted on 28 September 2016 by VRS  |  Email |Print

The State Oil Fund (SOFAZ) and the Central Bank hold the currency oversupply during its centralized sale of foreign currency to banks. SOFAZ reports that today the Central Bank (CBA) has held the next foreign exchange auction. “At the auction SOFAZ, putting an application for $100 million, sold $70.2 million to 20 banks,” SOFAZ said.
In its turn, the CBA announced the putting the application for $50 million. As a result, total application from these two organizations made up $150 million, exceeding the demand at the auction by 2.14-fold. At the previous auction their total supply exceeded the demand by 2.44-fold……………………………………Full Article: Source

Azeri oil fund Sofaz sells $70 mln on market on Tuesday

Posted on 28 September 2016 by VRS  |  Email |Print

Azerbaijan’s state oil fund Sofaz said it had sold $70 million on the foreign exchange market on Tuesday.
Sofaz and Azerbaijan’s central bank offered a total of $150 million at Tuesday’s auction, the central bank said, adding that demand totalled $70.2 million……………………………………Full Article: Source

SOFAZ’s transfers to state budget to be cut by 1.5B AZN

Posted on 27 September 2016 by VRS  |  Email |Print

Transfers from the State Oil Fund of Azerbaijan (SOFAZ) to the state budget will be reduced by 1.5 billion manats (official exchange rate for Sept. 26 is 1.6292 AZN/USD) in 2017, Samir Sharifov, Azerbaijani finance minister, told reporters in Baku Sept. 26.
The minister added that the transfers will be reduced to keep the country’s foreign exchange reserves at the same level. “As Azerbaijani President Ilham Aliyev said, while generating the revenue side of the state budget, we must pay more attention to the income from other sources, rather than deductions from SOFAZ,” he said……………………………………..Full Article: Source

Transfers from SOFAZ

Posted on 27 September 2016 by VRS  |  Email |Print

The transfers of the State Oil Fund of Azerbaijan (SOFAZ) to the state budget are expected to be lower than the indices fixed in 2016. Transfers from the State Oil Fund of Azerbaijan (SOFAZ) to the state budget will be reduced by 1.5 billion manats ($0.92) in 2017, as the country must pay more attention to the income from other sources, rather than deductions from SOFAZ, while generating the revenue side of the state budget.
SOFAZ’s transfers to the Azerbaijani state budget 2016 are forecasted to stand at 7.6 billion manat ($4.6), while the index for 2017 is forecasted at 6.1 billion manat ($3.7). SOFAZ’s transfers to the Azerbaijani state budget 2016 are forecasted to stand at 7.6 billion manat ($4.6), while the index for 2017 is forecasted at 6.1 billion manat ($3.7)……………………………………..Full Article: Source

Saudi Aramco evaluating foreign exchanges for 2018

Posted on 27 September 2016 by VRS  |  Email |Print

Saudi Aramco is looking at a number of foreign exchanges, including London, New York and Hong Kong, for a partial listing of the oil giant in 2018, chief executive Amin Nasser said. The state-oil firm plans to list as much as 5 per cent on Saudi Arabia’s stock exchange, the Tadawul, and at least one foreign exchange as part of efforts to wean the country’s economy away from hydrocarbon sales.
The oil giant is estimated to be worth as much as $2.5 trillion (Dh9.2 trillion) by conservative valuations. Revenue from the partial listing is to be used by a sovereign wealth fund to diversify the economy……………………………………..Full Article: Source

Pretty Much Every Norwegian Citizen Is a Millionnaire

Posted on 23 September 2016 by VRS  |  Email |Print

Norway’s “Pension Fund Global” is the biggest sovereign-wealth fund in the world, worth an estimated $882B (more than double the national GDP). Not bad for a country with a population of just over 5m people.
It owns 2% of all listed shares in Europe and over 1% globally. Plus, contrary to the way most funds are structured, it’s incredibly transparent by detailing every investment it makes online. The fund refuses to invest in firms with products deemed “unethical,” such as tobacco and weapons. It also acts as an activist of sorts by “blacklisting” corrupt companies, including those that misuse water and energy or engage in child labor………………………………………Full Article: Source

Azerbaijani banks buy over $60M from State Oil Fund

Posted on 23 September 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) sold $61.4 million to 19 banks through an auction held by the Central Bank of Azerbaijan (CBA) Sept. 22, SOFAZ said in a message on September 22.
As much as $100 million was put up for the auction. SOFAZ will continue selling foreign currency through auctions in 2016. The foreign currency is sold as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged to stand at 7.615 billion Azerbaijani manats in 2016………………………………………Full Article: Source

Oil Fund and Central Bank of Azerbaijan created currency oversupply

Posted on 23 September 2016 by VRS  |  Email |Print

The State Oil Fund (SOFAZ) and the Central Bank have created the currency oversupply during its centralized sale of foreign currency to banks. SOFAZ reports that today the Central Bank (CBA) has held the next foreign exchange auction.
“At the auction SOFAZ, putting an application for $100 million, sold $61.4 million to 19 banks,” SOFAZ said. In its turn, the CBA announced the putting the application for $50 million. As a result, total application from these two organizations made up $150 million, exceeding the demand at the auction by 2.44-fold………………………………………Full Article: Source

Oil Fund sells less than half of its application through Central Bank’s auction

Posted on 21 September 2016 by VRS  |  Email |Print

The State Oil Fund (SOFAZ) and the Central Bank continue centralized sale of foreign currency to banks. SOFAZ reports that today the Central Bank (CBA) has held the next foreign exchange auction.
“At the auction SOFAZ, putting an application for $100 million, sold $72.4 million to 20 banks,” SOFAZ said. In its turn, the CBA announced the putting the application for $50 million. As a result, total application from these two organizations made up $150 million, but foreign currency was bought only by 48.3% of application………………………………………Full Article: Source

Nigeria Wasted $62bn Foreign Reserves

Posted on 20 September 2016 by VRS  |  Email |Print

The governor of Central Bank of Nigeria, Godwin Emefiele, on Sunday explained how Nigerian frittered the foreign exchange it earned from sale of crude oil away on frivolities at a time the commodity was selling above $100 per barrel.
Speaking to journalists in Lagos, on steps being taken by the Federal Government and the apex bank to bring the country out of economic recession, Emefiele attributed the current challenges facing the Nigerian economy to its inability to save or invest the billions of dollars it earned from export of crude oil over the years in infrastructure like other countries have done……………………………………….Full Article: Source

Kuwait’s budget forecast to swing back to surplus by 2019

Posted on 16 September 2016 by VRS  |  Email |Print

Kuwait will post only temporary fiscal deficits, and the budget balance will turn back to surpluses by 2019, on the back of recovering oil prices, according to a new report by BMI Research, a Fitch company. Kuwait will implement only limited reforms because its parliament will block many of the government’s targeted cuts while very large foreign reserves will limit the risk of a full-blown fiscal crisis.
Foreign assets held by the sovereign wealth fund stood at $592 billion at the end of 2015, according to the Sovereign Wealth Fund Institute, more than enough to cover the forecasted temporary budget deficits, it added………………………………………..Full Article: Source

Azeri state fund Sofaz sells $78 mln on market

Posted on 15 September 2016 by VRS  |  Email |Print

Azerbaijan’s state oil fund Sofaz has sold $78 million on foreign exchange market on Wednesday, fully meeting demand, the fund said.
It had offered $150 million at the Wednesday auction. Sofaz sold $200 million at the previous auction last Thursday when demand reached $402.56 million. On Friday, Azeri central bank raised its main interest rate to 15 percent from 9.5 percent………………………………………..Full Article: Source

Oil Fund sells only half of its application through Central Bank’s auction

Posted on 15 September 2016 by VRS  |  Email |Print

The State Oil Fund (SOFAZ) and the Central Bank continue centralized sale of foreign currency to banks. SOFAZ reports that today the Central Bank (CBA) has held the next foreign exchange auction.
“At the auction SOFAZ, putting an application for $150 million, sold $78 million to 22 banks,” SOFAZ said. At the previous auction it was sold $200 million to 22 banks. The Fund will continue participation in currency auctions………………………………………..Full Article: Source

Azeri State Oil Fund sells $200M to local banks

Posted on 09 September 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) sold $200 million to 22 banks through an auction held by the Central Bank of Azerbaijan (CBA) Sept. 8, SOFAZ said in a message Sept. 8.
SOFAZ will continue to sell foreign currency through auctions in 2016. The foreign currency is sold as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged to stand at 7.615 billion Azerbaijani manats in 2016. SOFAZ was established in 1999 with assets of $271 million………………………………………..Full Article: Source

Azerbaijan Lifts Dollar Sales Sixfold to Feed Soaring Demand

Posted on 09 September 2016 by VRS  |  Email |Print

Azerbaijan sold six times the amount of dollars on Thursday that’s usually offered by its sovereign wealth fund, intensifying efforts to meet rising demand for the U.S. currency after most banks halted their foreign exchange.
The central bank, together with the fund known as Sofaz, sold a combined $300 million, which still wasn’t enough to meet demand by lenders that totaled $402.6 million, according to a statement. Sofaz normally provides $50 million twice a week. Lenders bid for $588 million at the previous auction held two days ago, according to the central bank, which until Thursday hasn’t sold foreign currency since July………………………………………..Full Article: Source

Norway’s central bank to publish minutes of board meetings

Posted on 07 September 2016 by VRS  |  Email |Print

Norway’s central bank will start publishing the minutes of its board meetings and aims to become more transparent even though discussions on monetary policy will remain exempt, the bank said on Tuesday.
“The publication of the minutes of the meetings of the Executive Board will enhance transparency about the management of the central bank, and the management of the Government Pension Fund Global,” it said in a statement, referring to the formal name of the country’s sovereign wealth fund. The fund is the world’s largest sovereign wealth fund with assets of $895 billion, and is managed by a unit of the central bank that invests all the cash in foreign stocks, bonds and real estate………………………………………..Full Article: Source

Moody’s Sees Capital Controls Back on Azeri Agenda as Woes Mount

Posted on 06 September 2016 by VRS  |  Email |Print

The sovereign wealth fund known as Sofaz offers only $50 million in auctions held twice a week, which hasn’t been enough to supply banks. The government’s options are to continue to draw down dollars from Sofaz and the central bank or to allow the manat to weaken, according to Samir Aliyev, an analyst at the Center for Support to Economic Initiatives, a Baku-based research group.
“If the panic on the market remains after the referendum, I think the government will go for the second option,”he said………………………………………..Full Article: Source

SOFAZ sells another $50 million through Central Bank’s auction

Posted on 02 September 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) sold $50 million to 28 banks through an auction held by the Central Bank of Azerbaijan (CBA) Sept. 1, SOFAZ said in a message Sept. 1.
SOFAZ will continue to sell foreign currency through auctions in 2016. The foreign currency is sold as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged to stand at 7.615 billion Azerbaijani manats in 2016. SOFAZ was established in 1999 with assets of $271 million………………………………………..Full Article: Source

Norway Raids Sovereign Wealth Fund To Cover Government Expenses

Posted on 01 September 2016 by VRS  |  Email |Print

Saudi Arabia isn’t the only oil-dependent nation struggling to make ends meet in the wake of weak oil prices. For the first time since its establishment in 1996, the Norwegian government is starting to withdraw money from its sovereign wealth fund to cover government expenses.
In fact, in the first half of 2016 the government has withdrawn $5.4 billion. Moreover, withdrawals are expected to accelerate in 2H 2016 reaching nearly $20 billion, a run-rate that would have them exceeding the fiscal limits imposed on fund withdrawals of 4% of assets, or $36 billion. To put those withdrawals into perspective, Norway’s economy is roughly $375 billion and federal spending accounts for roughly 60% or $225BN………………………………………..Full Article: Source

Norway Readies for Election Budget Battle as Oil Cash Tempts

Posted on 31 August 2016 by VRS  |  Email |Print

As an election nears in Norway, let the oil money fight begin. The government of western Europe’s biggest oil producer is on Tuesday starting its final round of talks to set next year’s budget, which will be presented on Oct. 6.
Prime Minister Erna Solberg will need to navigate conflicting demands of keeping up support for an economy that has been hammered by the plunge in crude and calls for trimming the record use of the nation’s oil wealth that’s threatening to erode its sovereign wealth fund………………………………………Full Article: Source

Azerbaijan’s State Oil Fund sells over $340M to banks

Posted on 26 August 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) sold $50 million to 28 banks through an auction held by the Central Bank of Azerbaijan (CBA) Aug. 25, SOFAZ said in a message. The SOFAZ sold $344.5 million to banks during August 2016.
SOFAZ will continue to sell foreign currency through auctions in 2016. The foreign currency is sold as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged to stand at 7.615 billion Azerbaijani manats in 2016………………………………………..Full Article: Source

Oil Fund sells another $50 million through Central Bank’s auction

Posted on 26 August 2016 by VRS  |  Email |Print

The State Oil Fund (SOFAZ) and the Central Bank continue centralized sale of foreign currency to banks. SOFAZ reports that today the Central Bank (CBA) has held the next foreign exchange auction.
“At the auction SOFAZ, putting an application for $50 million, sold $50 million to 28 banks,” SOFAZ said. At the previous auction it was sold $46 million to 25 banks. The Fund will continue participation in currency auctions………………………………………..Full Article: Source

Azer Fund sells nearly $50mln to banks

Posted on 24 August 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) sold $46 million to 25 banks through an auction held by the Central Bank of Azerbaijan (CBA) Aug. 23, SOFAZ said in a message.
SOFAZ will continue to sell foreign currency through auctions in 2016. The foreign currency is sold as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged to stand at 7.615 billion Azerbaijani manats in 2016. SOFAZ was established in 1999 with assets of $271 million………………………………………..Full Article: Source

Don’t Try to Buy Dollars in Azerbaijan’s Capital

Posted on 22 August 2016 by VRS  |  Email |Print

Dollar sales in the Azeri capital have all but seized up as demand from households still reeling after two devaluations last year leaves most banks running on empty, with the manat plunging the most globally against the U.S. currency on Friday. The sovereign wealth fund known as Sofaz offers only $50 million in auctions held twice a week, which hasn’t been enough to supply banks.
Demand for dollars was 12 times the amount offered at an auction on Thursday, according to Marja, a financial news portal in Baku. The central bank also raised its key interest rate three times this year to the highest since 2008 as part of an effort to “strengthen trust” in the manat and encourage savings in the currency………………………………………..Full Article: Source

Volume of Azerbaijan’s strategic currency reserves revealed

Posted on 15 August 2016 by VRS  |  Email |Print

The strategic currency reserves of Azerbaijan have exceeded the external debt of the country by 4.4 times and amounted to more than $38.3 billion in the first half of 2016, the Central Bank of Azerbaijan (CBA) reported.
Assets of the State Oil Fund (SOFAZ) totaled $35.1 billion as of July, 1 facing an increase of 4.6 percent as compared to the rate of $33.57 billion in early 2016. Strategic reserves falling to a share of the CBA hit roughly $ 4,284 billion facing a decrease of 17.02 percent within the first half of 2016………………………………………..Full Article: Source

Declining oil revenue could prompt Norway to tap into its $876 billion SWF

Posted on 05 August 2016 by VRS  |  Email |Print

Norway’s state-owned oil and gas fields contributed 29% less to the government’s oil revenue in the first half from a year earlier, reflecting depressed prices, state-owned oil company Petoro AS said Thursday. Declining oil revenues mean Norway may have to tap into its $876 billion sovereign-wealth fund this year to cover its expenses.
The Norwegian government owns stakes in a large number of oil and gas assets on Norway’s continental shelf, in partnerships with companies such as Statoil ASA and Lundin Petroleum. The state ownership is managed by Petoro, which transfers most of its revenue to the government………………………………………..Full Article: Source

Azerbaijani banks buy over $49M from State Oil Fund

Posted on 03 August 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) sold $49.1 million to 29 banks through an auction held by the Central Bank of Azerbaijan (CBA), SOFAZ said Aug. 2. SOFAZ offered $50 million at the auction, but the banks’ demand was $49.1 million.
SOFAZ will continue selling foreign currency through auctions in 2016. The foreign currency is sold as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged to stand at 7.615 billion Azerbaijani manats in 2016. SOFAZ was established in 1999 with assets of $271 million………………………………………..Full Article: Source

Bank short of money to buy SOFAZ-offered entire currency

Posted on 03 August 2016 by VRS  |  Email |Print

The State Oil Fund (SOFAZ) and the Central Bank obtained shortage of banks’ money for purchase of currency offered by the Sate Oil Fund. SOFAZ reports that today the Central Bank (CBA) has held the next foreign exchange auction.
“At the auction SOFAZ suggested $50 million, but the overall demand from the 29 banks was sufficient only for purchase of $49.1 million,” SOFAZ said. At the previous auction it was sold $50 million to 28 banks………………………………………..Full Article: Source

SAMA’s net foreign assets reach $562 billion in June

Posted on 01 August 2016 by VRS  |  Email |Print

Net foreign assets at Saudi Arabian Monetary Agency (SAMA) fell by $11 billion from the previous month to $562 billion in June as the government drew down its reserves to cover a budget deficit caused by low oil prices, official data showed on Thursday.
Assets shrank 15.9 percent from a year earlier to their lowest level since early 2012. They reached a record high of $737 billion in August 2014 before starting to drop………………………………………..Full Article: Source

Azeri banks buy $50M from State Oil Fund at auction

Posted on 27 July 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) sold $50 million to 27 banks through an auction held by the Central Bank of Azerbaijan (CBA), SOFAZ said July 26.
SOFAZ will continue selling foreign currency through auctions in 2016. The foreign currency is sold as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged to stand at 7.615 billion Azerbaijani manats in 2016. SOFAZ was established in 1999 with assets of $271 million. As of July 1, 2016, SOFAZ’s assets increased by 4.6 percent and amounted to $35.1 billion as compared to $33.57 billion in early 2016………………………………………..Full Article: Source

Azeri banks buy $50M from State Oil Fund at auction

Posted on 20 July 2016 by VRS  |  Email |Print

The State Oil Fund of Azerbaijan (SOFAZ) sold $50 million to 29 banks through an auction held by the Central Bank of Azerbaijan (CBA), SOFAZ said July 19. As of July 1, 2016, SOFAZ’s assets increased by 4.6 percent and amounted to $35.1 billion as compared to $33.57 billion in early 2016.
SOFAZ will continue selling foreign currency through auctions in 2016. The foreign currency is sold as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged to stand at 7.615 billion Azerbaijani manats in 2016………………………………………..Full Article: Source

Azerbaijan’s Central Bank, State Oil Fund sell $100M to local banks at auction

Posted on 15 July 2016 by VRS  |  Email |Print

Azerbaijan’s State Oil Fund (SOFAZ) and Central Bank (CBA) each sold $50 million to 24 banks through an auction, SOFAZ said July 14. SOFAZ will continue selling foreign currency through auctions in 2016. The foreign currency is sold as part of SOFAZ’s transfers to the Azerbaijani state budget, which are envisaged to stand at 7.615 billion Azerbaijani manats in 2016.
SOFAZ was established in 1999 with assets of $271 million. As of April 1, 2016, SOFAZ’s assets increased by 2 percent and amounted to $34.25 billion as compared to $33.57 billion in early 2016………………………………………..Full Article: Source

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