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Sovereign Wealth Funds Briefing - Categorized | Financials, Reserve Currencies

Azerbaijan Lifts Dollar Sales Sixfold to Feed Soaring Demand

Posted on 09 September 2016

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


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