In June 2015 the State Oil Fund of Azerbaijan (SOFAZ) plans to invest $500 million into the bonds in Chinese Yuan.
SOFAZ Executive Director Shakhmar Movsumov said that the agreement has been signed with the Chinese Central Bank.
“We already have agreement with the Chinese Central Bank and recently our Securities Committee have signed the document, which will allows us starting investments,” he said in his exclusive interview to Trend news agency.
Last week the Azerbaijan State Securities Committee and the chairman of the Chinese Commission for Regulation of Securities Market signed the memorandum envisaging protection of investors and encouraging integrity of the securities markets, futures and other investment instruments by expanding the frameworks of cooperation and strengthening exchange of regulating and technical information.
By early this year 34% assets of the Oil Fund were in Euro, 1.2% in Russian rubles, Turkish Lira and Korean won. Another 0.5% fell to Australian currency and the remaining part was in the US dollars.-0-
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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