The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has opened a 1 billion euro deposit account at the Central Bank of the Republic of Turkey (CBRT).

According to the article, the deposit is for a six-month period. According to a statement on SOFAZ's website, the investment is intended to contribute to Turkey's financial stability.

"These monies were invested in the Central Bank of Turkey in accordance with SOFAZ's investment plan," the fund stated.

Sources previously told Bloomberg HT that a deposit account will be launched from Azerbaijan.

The central banks of Azerbaijan and Turkey were said to be close to finalising a 1 billion euro currency exchange agreement earlier this month, but Chairperson of the Central Bank of Azerbaijan (CBA) Elman Rustamov denied the accusations on Friday.

Rustamov said "the CBA refutes the information published by many media outlets concerning claimed discussions on this topic."

Rustamov went on to say that the two countries' central banks are actively collaborating in several areas.