Placement of currency would bring the State Oil Fund of Azerbaijan (SOFAR) next year 380 million AZN ($ 480 million).
As told reporters when discussing the parliamentary committees draft budget for 2014 on Monday the Executive Director Shahmar Movsumov, the overall revenue of SOFAR is projected at 11 billion 627 million manat and the expenses - 11 billion 291 million manats with surplus to 336 million manat.
The official said that while the current budget is a surplus despite last year's forecasts. The reason for that is the favorable price situation on the world oil markets. As a result, the budget of the fund will be increased, which will affect the growth of assets (+ $ 1 billion).
For the record - as of October 1, 2013 SOFAR assets were $ 35 billion 809.2 million; the revenue for 2013 was approved at the level of 11 billion 482 million 40.4 million manat, and the expenses - 13 billion 403 million 99.4 thousand manats.
The fund accumulates revenues from oil contracts, in particular from the sale of profit oil by the state, transit tariffs for the transportation of oil and gas across the country, the rental of state property, etc. - 17D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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