SOFAZ to Transfer $4 Billion for Currency Stabilization Purposes

A predicted increase in U.S. interest rates is wrecking havoc in countries such as Turkey and Azerbaijan. Azerbaijan President Ilham Aliyev issued a decree to transfer up to 7.5 billion manat (US$ 4 billion) of assets from the State Oil Fund of Azerbaijan (SOFAZ) to the Central Bank of the Republic of Azerbaijan in 2017. This macroeconomic stability measure could provide some stability for the manat. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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