Next year budget revenues of the State Oil Fund of Azerbaijan (SOFAZ) forecast to be 6,711,564,100 AZN, down 3.53 billion AZN (34.5%) against the forecast for year 2015. This is information from the SOFAZ draft budget, which has been submitted for consideration of President after its approval by the Oil Fund’s Observation Council.
According to the draft budget, next year the Fund’s expenses are planned at 8,261,399,700 AZN (down 33.4% or 4.1 billion AZN against volume expected in 2015).
According to Turan, in 2016 Fund’s deficit is expected to be 1,549,835,600 AZN. This year SOFAZ’s deficit is expected to be about 1.1 billion AZN.
In 2016 SOFAZ’s transfers to the state budget are expected to be 6 billion AZN, down 4,388 billion AZN (42.2%) against 2015.
By October 1, 2015, SOFAZ’s assets decreased by 6.38% against early year ($37.1 billion) an totaled $34.74 billion.—0---
Economics
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Rice imports to Azerbaijan have soared to unprecedented levels during the January-November 2024 period, reflecting both rising domestic demand and increasing global food prices. Over this period, the country imported 60,400 tons of rice, marking an 18.6% increase in volume and a 35.3% rise in value compared to the same period in 2023.
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Over 17,750 life insurance contracts and 40,661 property insurance contracts were signed through Azerbaijan’s Mortgage and Credit Guarantee Fund (MCGF) between 2022 and 2024, reflecting the growing role of the Fund in strengthening the housing finance and insurance markets. These figures were revealed by Rasim Abdullayev, Director of the Mortgage Lending Department at MCGF, during the seminar "Tools for Supporting Housing Finance and Entrepreneurship."
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The value of paid services provided to the population in Baku reached 6.94 billion manats in the first eleven months of 2024, reflecting a real-term increase of 9.2% compared to the same period in 2023, according to data from the Baku City Statistical Department.
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According to data from the Baku City Statistical Department, the retail trade turnover in Azerbaijan’s capital, Baku, increased by 5% year-on-year from January to November 2024, reaching 31.6 billion manats. This growth reflects the steady recovery of the economy and consumer confidence amid broader market stability.
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