![SOFAZ Holds Manat Resources in Deposit Account in CBA](https://turan.az/resized/./turan-750-500-resize.webp)
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
Economics
-
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.
-
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.
-
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.
-
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.
Leave a review