From 2003 till June 30, 2015 total volume of transfers from the State Oil Fund to the state budget totaled 59,333,600,000 AZN, reads the web site of the Oil Fund.
According to SOFAZ, from 2003 to 2014 the state budget has used oil money to the amount of 55,531,500 AZN. During six months 2015 the volume of transfers from SOFAZ to the state budget totaled 3,802,100,000 AZN.
State Oil Fund started transfers to the state budget of Azerbaijan since 2003.
In 2013 the volume of transfers from the state budget totaled 11.35 billion AZN. A year later the showing decreased till 9,337,000,000 AZN. This year it is planned to transfer 10,388,000,000 AZN from the Oil Fund to the state budget.
In February 2015 the government has decided to devalue the national currency by 34%, because of slump of oil prices. Therefore, the government has saved reduction of the Oil Fund’s assets for a certain period.—0—
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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