SOFAZ Holds Manat Resources in Deposit Account in CBA
The State Oil Fund has a deposit account at the Central Bank in the amount of not less than 1.7 billion manat. This writes an economic portal fins.az.
This year, SOFAZ has sold in the foreign exchange auctions 4 billion 635 million US dollars. After converting funds in the amount of 5.26 billion AZN it was transferred to the state budget. Part of the remaining funds was invested in a deposit account in the Central Bank at 4.99% per annum.
Total SOFAZ has an obligation to transfer to the state budget 7 billion manat.
Some experts noted that the funds of SOFAZ are not used for the development of the real sector in Azerbaijan. Opening a deposit account in the CBA is only an additional source of income of the Fund due to the country's economy.
At the same time, according to experts, SOFAZ deposit, as a kind of cheap manat source, could be considered an investment in the economy, in the event that the Central Bank would use them to invest in the real sector by commercial banks. The same process is not yet observed. ----08D