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Sovereign Wealth Funds Briefing - Categorized | Market, Reserve Currencies

Oil Fund and Central Bank of Azerbaijan created currency oversupply

Posted on 23 September 2016

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.
“At the auction SOFAZ, putting an application for $100 million, sold $61.4 million to 19 banks,” SOFAZ said. In its turn, the CBA announced the putting the application for $50 million. As a result, total application from these two organizations made up $150 million, exceeding the demand at the auction by 2.44-fold………………………………………Full Article: Source


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