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Opalesque Sovereign Wealth Funds Briefing » Reserve Currencies http://www.opalesque.com/SWF_Briefing Wed, 30 Nov 2016 00:20:03 +0000 http://wordpress.org/?v=2.5.1 en Russia empties Reserve Fund, makes priority to defense sector http://www.opalesque.com/SWF_Briefing/?p=21053 http://www.opalesque.com/SWF_Briefing/?p=21053#comments Mon, 21 Nov 2016 23:41:08 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21053 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21053>Article Link</a> 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. (more…)

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Oil Fund to cease to be main financial source for Azerbaijan’s budget since 2017 http://www.opalesque.com/SWF_Briefing/?p=21052 http://www.opalesque.com/SWF_Briefing/?p=21052#comments Mon, 21 Nov 2016 23:40:36 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21052 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21052>Article Link</a> 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. (more…)

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US dollar price in Azerbaijan rises up to new absolute record http://www.opalesque.com/SWF_Briefing/?p=21035 http://www.opalesque.com/SWF_Briefing/?p=21035#comments Thu, 17 Nov 2016 23:49:43 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=21035 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=21035>Article Link</a> 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. (more…)

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Under financial strains, Turkey designs “parallel budget” http://www.opalesque.com/SWF_Briefing/?p=20985 http://www.opalesque.com/SWF_Briefing/?p=20985#comments Fri, 11 Nov 2016 01:08:42 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20985 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20985>Article Link</a> 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. (more…)

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SOFAZ implements sale of currency at auctions http://www.opalesque.com/SWF_Briefing/?p=20934 http://www.opalesque.com/SWF_Briefing/?p=20934#comments Wed, 02 Nov 2016 23:35:23 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20934 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20934>Article Link</a> 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. (more…)

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Muhyiddin: 1MDB debts threaten 2017 Budget http://www.opalesque.com/SWF_Briefing/?p=20892 http://www.opalesque.com/SWF_Briefing/?p=20892#comments Wed, 26 Oct 2016 22:22:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20892 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20892>Article Link</a> 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. (more…)

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State sits on rare funding source http://www.opalesque.com/SWF_Briefing/?p=20885 http://www.opalesque.com/SWF_Briefing/?p=20885#comments Mon, 24 Oct 2016 22:25:36 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20885 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20885>Article Link</a> 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. (more…)

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SOFAZ: Azerbaijan’s status in EITI not to affect financing for Southern Gas Corridor http://www.opalesque.com/SWF_Briefing/?p=20816 http://www.opalesque.com/SWF_Briefing/?p=20816#comments Fri, 14 Oct 2016 02:38:14 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20816 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20816>Article Link</a> 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. (more…)

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Tapping Norway’s Oil Fund Raises Political Hackles http://www.opalesque.com/SWF_Briefing/?p=20771 http://www.opalesque.com/SWF_Briefing/?p=20771#comments Thu, 06 Oct 2016 23:07:50 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20771 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20771>Article Link</a> 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. (more…)

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Risks Mount for World’s Biggest Wealth Fund http://www.opalesque.com/SWF_Briefing/?p=20770 http://www.opalesque.com/SWF_Briefing/?p=20770#comments Thu, 06 Oct 2016 23:07:22 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20770 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20770>Article Link</a> 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. (more…)

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Norway Raids More of Massive Wealth Fund to Support Recovery http://www.opalesque.com/SWF_Briefing/?p=20769 http://www.opalesque.com/SWF_Briefing/?p=20769#comments Thu, 06 Oct 2016 23:07:00 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20769 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20769>Article Link</a> 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. (more…)

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Norway to spend more of oil wealth to aid economy http://www.opalesque.com/SWF_Briefing/?p=20768 http://www.opalesque.com/SWF_Briefing/?p=20768#comments Thu, 06 Oct 2016 23:06:42 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20768 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20768>Article Link</a> 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. (more…)

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Norway govt to spend NOK 225 billion from wealth fund in 2017 -NRK http://www.opalesque.com/SWF_Briefing/?p=20767 http://www.opalesque.com/SWF_Briefing/?p=20767#comments Thu, 06 Oct 2016 23:05:39 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20767 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20767>Article Link</a> 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. (more…)

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Norway central bank seen increasing crown purchases in 2017 due budget http://www.opalesque.com/SWF_Briefing/?p=20766 http://www.opalesque.com/SWF_Briefing/?p=20766#comments Thu, 06 Oct 2016 23:04:38 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20766 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20766>Article Link</a> 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. (more…)

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Norway Set to Use Record Oil Fund Money In 2017 Budget http://www.opalesque.com/SWF_Briefing/?p=20747 http://www.opalesque.com/SWF_Briefing/?p=20747#comments Wed, 05 Oct 2016 02:14:12 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20747 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20747>Article Link</a> 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. (more…)

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Norway, Canada show the way to cash in on resources boom http://www.opalesque.com/SWF_Briefing/?p=20739 http://www.opalesque.com/SWF_Briefing/?p=20739#comments Mon, 03 Oct 2016 01:54:25 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20739 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20739>Article Link</a> 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. (more…)

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Azerbaijan’s Oil Fund and Central Bank oversupply market with currency: their total supply exceeds demand 3.1-fold at currency auction http://www.opalesque.com/SWF_Briefing/?p=20725 http://www.opalesque.com/SWF_Briefing/?p=20725#comments Fri, 30 Sep 2016 00:09:20 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20725 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20725>Article Link</a> 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. (more…)

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Azerbaijani banks buy over $70M through auction http://www.opalesque.com/SWF_Briefing/?p=20714 http://www.opalesque.com/SWF_Briefing/?p=20714#comments Wed, 28 Sep 2016 04:36:58 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20714 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20714>Article Link</a> 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. (more…)

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Oil Fund and Central Bank of Azerbaijan hold currency oversupply http://www.opalesque.com/SWF_Briefing/?p=20713 http://www.opalesque.com/SWF_Briefing/?p=20713#comments Wed, 28 Sep 2016 04:36:43 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20713 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20713>Article Link</a> 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. (more…)

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Azeri oil fund Sofaz sells $70 mln on market on Tuesday http://www.opalesque.com/SWF_Briefing/?p=20712 http://www.opalesque.com/SWF_Briefing/?p=20712#comments Wed, 28 Sep 2016 04:36:19 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20712 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20712>Article Link</a> Azerbaijan’s state oil fund Sofaz said it had sold $70 million on the foreign exchange market on Tuesday. (more…)

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SOFAZ’s transfers to state budget to be cut by 1.5B AZN http://www.opalesque.com/SWF_Briefing/?p=20706 http://www.opalesque.com/SWF_Briefing/?p=20706#comments Mon, 26 Sep 2016 23:35:25 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20706 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20706>Article Link</a> 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. (more…)

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Transfers from SOFAZ http://www.opalesque.com/SWF_Briefing/?p=20705 http://www.opalesque.com/SWF_Briefing/?p=20705#comments Mon, 26 Sep 2016 23:35:10 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20705 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20705>Article Link</a> 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. (more…)

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Saudi Aramco evaluating foreign exchanges for 2018 http://www.opalesque.com/SWF_Briefing/?p=20701 http://www.opalesque.com/SWF_Briefing/?p=20701#comments Mon, 26 Sep 2016 23:32:35 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20701 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20701>Article Link</a> 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. (more…)

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Pretty Much Every Norwegian Citizen Is a Millionnaire http://www.opalesque.com/SWF_Briefing/?p=20688 http://www.opalesque.com/SWF_Briefing/?p=20688#comments Thu, 22 Sep 2016 23:22:38 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20688 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20688>Article Link</a> 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. (more…)

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Azerbaijani banks buy over $60M from State Oil Fund http://www.opalesque.com/SWF_Briefing/?p=20685 http://www.opalesque.com/SWF_Briefing/?p=20685#comments Thu, 22 Sep 2016 23:21:39 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20685 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20685>Article Link</a> 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. (more…)

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Oil Fund and Central Bank of Azerbaijan created currency oversupply http://www.opalesque.com/SWF_Briefing/?p=20684 http://www.opalesque.com/SWF_Briefing/?p=20684#comments Thu, 22 Sep 2016 23:21:19 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20684 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20684>Article Link</a> 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. (more…)

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Oil Fund sells less than half of its application through Central Bank’s auction http://www.opalesque.com/SWF_Briefing/?p=20666 http://www.opalesque.com/SWF_Briefing/?p=20666#comments Wed, 21 Sep 2016 03:32:45 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20666 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20666>Article Link</a> 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. (more…)

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Nigeria Wasted $62bn Foreign Reserves http://www.opalesque.com/SWF_Briefing/?p=20647 http://www.opalesque.com/SWF_Briefing/?p=20647#comments Tue, 20 Sep 2016 00:10:33 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20647 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20647>Article Link</a> 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. (more…)

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Kuwait’s budget forecast to swing back to surplus by 2019 http://www.opalesque.com/SWF_Briefing/?p=20644 http://www.opalesque.com/SWF_Briefing/?p=20644#comments Fri, 16 Sep 2016 01:25:06 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20644 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20644>Article Link</a> 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. (more…)

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Azeri state fund Sofaz sells $78 mln on market http://www.opalesque.com/SWF_Briefing/?p=20633 http://www.opalesque.com/SWF_Briefing/?p=20633#comments Thu, 15 Sep 2016 01:22:43 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20633 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20633>Article Link</a> Azerbaijan’s state oil fund Sofaz has sold $78 million on foreign exchange market on Wednesday, fully meeting demand, the fund said. (more…)

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Oil Fund sells only half of its application through Central Bank’s auction http://www.opalesque.com/SWF_Briefing/?p=20632 http://www.opalesque.com/SWF_Briefing/?p=20632#comments Thu, 15 Sep 2016 01:22:24 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20632 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20632>Article Link</a> 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. (more…)

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Azeri State Oil Fund sells $200M to local banks http://www.opalesque.com/SWF_Briefing/?p=20607 http://www.opalesque.com/SWF_Briefing/?p=20607#comments Fri, 09 Sep 2016 01:18:50 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20607 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20607>Article Link</a> 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. (more…)

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Azerbaijan Lifts Dollar Sales Sixfold to Feed Soaring Demand http://www.opalesque.com/SWF_Briefing/?p=20606 http://www.opalesque.com/SWF_Briefing/?p=20606#comments Fri, 09 Sep 2016 01:18:38 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20606 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20606>Article Link</a> 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. (more…)

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Norway’s central bank to publish minutes of board meetings http://www.opalesque.com/SWF_Briefing/?p=20586 http://www.opalesque.com/SWF_Briefing/?p=20586#comments Wed, 07 Sep 2016 04:10:58 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20586 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20586>Article Link</a> 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. (more…)

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Moody’s Sees Capital Controls Back on Azeri Agenda as Woes Mount http://www.opalesque.com/SWF_Briefing/?p=20577 http://www.opalesque.com/SWF_Briefing/?p=20577#comments Tue, 06 Sep 2016 04:17:29 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20577 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20577>Article Link</a> 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. (more…)

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SOFAZ sells another $50 million through Central Bank’s auction http://www.opalesque.com/SWF_Briefing/?p=20558 http://www.opalesque.com/SWF_Briefing/?p=20558#comments Fri, 02 Sep 2016 03:38:00 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20558 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20558>Article Link</a> 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. (more…)

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Norway Raids Sovereign Wealth Fund To Cover Government Expenses http://www.opalesque.com/SWF_Briefing/?p=20551 http://www.opalesque.com/SWF_Briefing/?p=20551#comments Thu, 01 Sep 2016 00:25:21 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20551 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20551>Article Link</a> 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. (more…)

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Norway Readies for Election Budget Battle as Oil Cash Tempts http://www.opalesque.com/SWF_Briefing/?p=20543 http://www.opalesque.com/SWF_Briefing/?p=20543#comments Wed, 31 Aug 2016 01:26:24 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20543 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20543>Article Link</a> 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. (more…)

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Azerbaijan’s State Oil Fund sells over $340M to banks http://www.opalesque.com/SWF_Briefing/?p=20514 http://www.opalesque.com/SWF_Briefing/?p=20514#comments Fri, 26 Aug 2016 01:37:17 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20514 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20514>Article Link</a> 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. (more…)

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Oil Fund sells another $50 million through Central Bank’s auction http://www.opalesque.com/SWF_Briefing/?p=20513 http://www.opalesque.com/SWF_Briefing/?p=20513#comments Fri, 26 Aug 2016 01:37:06 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20513 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20513>Article Link</a> 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. (more…)

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Azer Fund sells nearly $50mln to banks http://www.opalesque.com/SWF_Briefing/?p=20497 http://www.opalesque.com/SWF_Briefing/?p=20497#comments Wed, 24 Aug 2016 03:24:23 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20497 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20497>Article Link</a> 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. (more…)

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Don’t Try to Buy Dollars in Azerbaijan’s Capital http://www.opalesque.com/SWF_Briefing/?p=20481 http://www.opalesque.com/SWF_Briefing/?p=20481#comments Mon, 22 Aug 2016 01:48:14 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20481 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20481>Article Link</a> 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. (more…)

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Volume of Azerbaijan’s strategic currency reserves revealed http://www.opalesque.com/SWF_Briefing/?p=20430 http://www.opalesque.com/SWF_Briefing/?p=20430#comments Mon, 15 Aug 2016 03:55:58 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20430 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20430>Article Link</a> 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. (more…)

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Declining oil revenue could prompt Norway to tap into its $876 billion SWF http://www.opalesque.com/SWF_Briefing/?p=20385 http://www.opalesque.com/SWF_Briefing/?p=20385#comments Fri, 05 Aug 2016 01:40:42 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20385 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20385>Article Link</a> 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. (more…)

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Azerbaijani banks buy over $49M from State Oil Fund http://www.opalesque.com/SWF_Briefing/?p=20365 http://www.opalesque.com/SWF_Briefing/?p=20365#comments Wed, 03 Aug 2016 01:49:25 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20365 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20365>Article Link</a> 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. (more…)

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Bank short of money to buy SOFAZ-offered entire currency http://www.opalesque.com/SWF_Briefing/?p=20364 http://www.opalesque.com/SWF_Briefing/?p=20364#comments Wed, 03 Aug 2016 01:49:08 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20364 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20364>Article Link</a> 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. (more…)

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SAMA’s net foreign assets reach $562 billion in June http://www.opalesque.com/SWF_Briefing/?p=20345 http://www.opalesque.com/SWF_Briefing/?p=20345#comments Mon, 01 Aug 2016 03:22:07 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20345 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20345>Article Link</a> 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. (more…)

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Azeri banks buy $50M from State Oil Fund at auction http://www.opalesque.com/SWF_Briefing/?p=20313 http://www.opalesque.com/SWF_Briefing/?p=20313#comments Wed, 27 Jul 2016 03:14:29 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20313 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20313>Article Link</a> 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. (more…)

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Azeri banks buy $50M from State Oil Fund at auction http://www.opalesque.com/SWF_Briefing/?p=20258 http://www.opalesque.com/SWF_Briefing/?p=20258#comments Wed, 20 Jul 2016 03:03:24 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20258 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20258>Article Link</a> 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. (more…)

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Azerbaijan’s Central Bank, State Oil Fund sell $100M to local banks at auction http://www.opalesque.com/SWF_Briefing/?p=20220 http://www.opalesque.com/SWF_Briefing/?p=20220#comments Fri, 15 Jul 2016 03:25:19 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20220 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20220>Article Link</a> 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. (more…)

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Excessive demand for currency has arisen in Azerbaijan: Oil Fund failed to cover it http://www.opalesque.com/SWF_Briefing/?p=20198 http://www.opalesque.com/SWF_Briefing/?p=20198#comments Wed, 13 Jul 2016 03:28:11 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20198 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20198>Article Link</a> The excessive demand for currency has arisen in Azerbaijan, and the State Oil Fund (SOFAZ) was not able to cover it itself. The Central Bank of Azerbaijan informs that today it has conducted a regular foreign exchange auction. (more…)

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Azeri Central Bank Resumes Currency Sales to Meet Dollar Demand http://www.opalesque.com/SWF_Briefing/?p=20197 http://www.opalesque.com/SWF_Briefing/?p=20197#comments Wed, 13 Jul 2016 03:27:56 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20197 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20197>Article Link</a> The Azeri central bank resumed foreign-currency sales for the first time in more than four months to ease pressure on the national currency amid rising demand for dollars. (more…)

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Chile should consider tapping sovereign funds in 2017 -finance minister http://www.opalesque.com/SWF_Briefing/?p=20189 http://www.opalesque.com/SWF_Briefing/?p=20189#comments Tue, 12 Jul 2016 02:59:36 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20189 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20189>Article Link</a> Chile’s 2017 budget talks should consider whether the country will tap into its sovereign wealth funds, finance minister Rodrigo Valdes told lawmakers on Monday. (more…)

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Russia Said to Shield Reserves as Putin Taps Sovereign Fund http://www.opalesque.com/SWF_Briefing/?p=20114 http://www.opalesque.com/SWF_Briefing/?p=20114#comments Thu, 30 Jun 2016 00:47:52 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20114 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20114>Article Link</a> Russia will only take its battle against inflation so far. Reserves and the ruble’s free float is where it draws the line. Authorities are looking at how to keep tapping a wealth fund to cover the budget deficit even though their method of doing so floods the economy with excess cash, according to four officials familiar with the discussions. (more…)

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UAE’s net investment outstrips external debt: Moody’s http://www.opalesque.com/SWF_Briefing/?p=20087 http://www.opalesque.com/SWF_Briefing/?p=20087#comments Mon, 27 Jun 2016 02:50:44 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20087 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20087>Article Link</a> The UAE benefits from a large positive net international investment position (IIP) that is far higher than its aggregate external debt, Moody’s Investors Service said. “Although not officially published, historical financial flows, sovereign wealth fund [SWF] assets and external debt data suggest that UAE’s net IIP may be as high as 130 per cent of the country’s gross domestic product [GDP], ranking the country in the top quartile globally,” said Moody’s. (more…)

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SOFAZ announces gold reserves portfolio http://www.opalesque.com/SWF_Briefing/?p=20062 http://www.opalesque.com/SWF_Briefing/?p=20062#comments Tue, 21 Jun 2016 03:26:50 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20062 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20062>Article Link</a> Currently, Azerbaijan’s state oil fund SOFAZ has no plans to convert purchased gold to other assets, as well as purchase additional gold, the Fund said. As for gold investments strategy, SOFAZ said these investments have been chosen for strategic purposes, but not short-term speculative targets. (more…)

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Russia may tap National Wealth Fund to cover budget deficit in 2017 http://www.opalesque.com/SWF_Briefing/?p=20043 http://www.opalesque.com/SWF_Briefing/?p=20043#comments Fri, 17 Jun 2016 01:03:52 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20043 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20043>Article Link</a> Russia may start spending cash from one of its sovereign wealth funds, the National Wealth Fund (NWF), to cover budget shortfalls next year, Finance Minister Anton Siluanov said on Thursday. (more…)

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Azerbaijan’s Oil Fund sold $50 million more through Central Bank’s auction http://www.opalesque.com/SWF_Briefing/?p=20042 http://www.opalesque.com/SWF_Briefing/?p=20042#comments Fri, 17 Jun 2016 01:03:41 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=20042 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=20042>Article Link</a> The State Oil Fund of Azerbaijan (SOFAZ) has appeared today at the foreign exchange auction of the Central Bank as a seller. According to SOFAZ, today it has applied for sale of $50 million and sold them. (more…)

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Kuwait’s current account surplus narrows to 13-year low http://www.opalesque.com/SWF_Briefing/?p=19976 http://www.opalesque.com/SWF_Briefing/?p=19976#comments Wed, 08 Jun 2016 03:20:12 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19976 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19976>Article Link</a> Kuwait’s current account surplus narrowed to a 13-year low in 2015, as oil export earnings declined, according to NBK. The surplus in Kuwait’s current account fell from 33% of GDP in 2014 to 5.1% in 2015, due in large portion to a drop in oil export receipts amid a weaker oil price environment. (more…)

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Govt withdraws $2.5b from ‘Heritage’ Fund http://www.opalesque.com/SWF_Briefing/?p=19957 http://www.opalesque.com/SWF_Briefing/?p=19957#comments Mon, 06 Jun 2016 03:28:56 +0000 VRS http://www.opalesque.com/SWF_Briefing/?p=19957 <br> <a href=http://www.opalesque.com/SWF_Briefing/?p=19957>Article Link</a> On the heels of an announcement that it will meet outstanding back-pay to public servants, Government has quietly withdrawn $2.5 billion (about US$385 million) from the Heritage and Stabilisation Fund (HSF). (more…)

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