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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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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