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Sovereign Wealth Funds Briefing - Categorized | Financials, Reserve Currencies

Central Bank buys Oil Fund’s currency by 4 times less than commercial banks

Posted on 01 June 2016

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 the entire currency.
“Three commercial banks ($40 million) and the Central Bank ($10 million) became the buyers,” the Fund said. At the previous auction on 26 May the Fund sold $50 million. Then 11 banks bought $20 million and the CBA - $30 million. The Fund promises to continue selling currency through CBA auctions………………………………………..Full Article: Source


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