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Sovereign Wealth Funds Briefing - Categorized | Financials, Reserve Currencies

SOFAZ implements sale of currency at auctions

Posted on 03 November 2016

Azerbaijan’s state oil fund SOFAZ, which accumulates and manages oil and gas revenues of the country, sold some $371 million at currency auctions in October 2016. The Fund is expected to continue the sale of currency at auctions organized by the Central Bank of Azerbaijan.
The sale of currency is implemented within the framework of transfers of SOFAZ to the state budget of Azerbaijan. The transfers of the Fund are forecasted to hit 7.61 billion manat ($ 4.64 billion) in 2016, while the forecasted index for 2017 stands at 6.1 billion manat ($3.7 billion)…………………………………….Full Article: Source


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