More than 90.84% ??of the total expenditures ($ 78.4 billion of $ 86.3 billion) of the State Oil Fund of Azerbaijan (SOFAZ) amounted to transfers to the state budget. In addition, during the entire period the extra-budgetary expenditures of the SOFAZ investment portfolio due to exchange rate fluctuations amounted to approximately $ 5 billion.
According to the information from SOFAZ, its total income for the entire period of activity totaled $ 124.9 billion.
Recall, at the time of creation of the fund in 1999, its assets amounted to $ 271 million.
By October 1, the Fund's assets amounted to $ 34.74 billion (minus 6.38% as of 1 January, when it was $ 37.1 billion). --17D-
Economics
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Global gold futures surpassed $2,800 per troy ounce, setting a historic record, Investing.com reported. The price more than doubled the 2023 average, reflecting increased demand for gold as a safe-haven asset amid inflation and geopolitical uncertainty.
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The foreign, trade, and transport ministers of Azerbaijan, Turkey, and Uzbekistan convened this week in Ankara for their second trilateral meeting, culminating in the signing of the Ankara Declaration—a strategic document aimed at strengthening regional cooperation in economic, energy, and transport sectors.
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According to government data, Azerbaijan is experiencing a sharp increase in meat and dairy imports amid a decline in livestock numbers and a surge in feed prices, highlighting the country's difficulties in meeting domestic demand for livestock products.
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Azerbaijan's foreign trade turnover fell 6.98% in 2024, with exports dropping sharply while imports surged, raising concerns over the country’s trade balance and currency stability, according to customs data.
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