Azerbaijani oil fund places $1.1 billion deposit in Turkey’s central bank

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has placed a deposit account of one billion euros ($1.1 billion) with the Central Bank of the Republic of Turkey (CBRT), the Azerbaijani news agency Trend reported on Friday.

The deposit is for a period of six months, according to the report.

The investment is expected to make a positive contribution to Turkey’s financial stability, SOFAZ said in a statement posted on its website.

“The investment of these funds in the Central Bank of Turkey was made within the framework of SOFAZ’s investment strategy,” the fund said.

Earlier speaking to Bloomberg HT, sources said a deposit account would be opened from Azerbaijan.

Earlier this month, the central banks of Azerbaijan and Turkey were reportedly close to signing a billion-euro currency swap deal, but the chairman of the central bank’s board of Azerbaijan (CBA), Elman Rustamov, denied these assertions on Friday.

“The ABC refutes reports by several media outlets about alleged negotiations on this matter,” Rustamov was quoted as saying by the Trend news agency.

Rustamov added that the central banks of the two countries are actively cooperating in several areas.

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