During the past ten years the transfers from the State Oil Fund of Azerbaijan (SOFAZ) to the state budget of Azerbaijan totaled 43,425,000,000 AZN ($55 billion at the current exchange rate).
The transfers from SOFAZ to the state budget started since 2003.
If during 2003 share of transfers from the Oil Fund in the revenues of the state budget constituted 8.2%, in 2011-2012 it increased up to 57.3%. According to this year’s forecast, share of transfers from SOFAZ in the revenues of the state budget reached 59.3%.
During 2013 it is planned to transfer over 11 billion AZN from the Oil Fund to the state budget. During 9 months, 2013 the volume of transfers totaled 8,339,900,000 AZN.—0-
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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