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Sovereign Wealth Funds Briefing - Categorized | Financials, Reserve Currencies

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

Posted on 22 August 2016

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


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