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Sovereign Wealth Funds Briefing - Categorized | Fund Management/Administration, Market, Reserve Currencies

Brazil Fund can play forex role despite big Petrobras stake

Posted on 15 October 2010

From Dow Jones: A large part of the Brazilian government’s investment fund is tied up in the fortunes of federal oil company Petroleo Brasileiro SA, or Petrobras, but experts believe it can still be deployed as a weapon in what Finance Minister Guido Mantega calls a global “currency war.”
Brazil’s Fiscal Investment and Stabilization Fund was founded in 2008 to offset troughs in global economic cycles, and about 80% of the fund’s 18.5 billion Brazilian reals ($11.2 billion) are now invested in Petrobras shares. A further 10% are tied up in shares of the state-run Banco do Brasil SA, apparently leaving little cash left over to fight forex battles……………………………………….Full Article: Source

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