Baku, Azerbaijan, Apr. 18
By Maksim Tsurkov – Trend:
The volume of transfers from the State Oil Fund of Azerbaijan (SOFAZ) to the country’s Central Bank (CBA) to ensure macroeconomic stability may be less than it was envisaged, Shahmar Movsumov, the head of the SOFAZ, said at a press conference in Baku Apr. 18.
It should be recalled that the Azerbaijani government determined the upper limit of transfers from SOFAZ to the CBA at the level of 7.5 billion manats. These funds are included in the expenditure part of SOFAZ’s budget for 2017.
“In the first quarter of 2017, SOFAZ transferred 2.279 billion manats to the CBA,” Movsumov said. “However, due to the current economic situation, I think that the envisaged amount of funds will not be fully transferred.”
SOFAZ earlier told Trend that these funds are planned to be used in the implementation of activities envisaged in the Financial Stability Board’s monetary program for 2017, as well as in terms of measures to ensure macroeconomic and financial stability in 2017 and in the medium term.
Meanwhile, a part of these funds will be used to accelerate the recovery process of the International Bank of Azerbaijan.