BAKU, Azerbaijan, August 4. Russia's Gazprombank expects a reduction in the transfer from SOFAZ Azerbaijani State Oil Fund to the state budget by the end of 2022, Trend reports via Deputy Head of Research at Russia's Gazprombank Gulnara Khaidarshina.
She said Gazprombank expects, the transfer to the state budget from SOFAZ to reach 12.7 billion manat or $7.5 billion (increase by 4.1 percent compared to the plan for 2021), while $3 billion was sold or 39.3 percent of the planned amount from January through July. In the remaining five months average monthly sales volume may amount to $909 million.
"Thus, the possible increase in currency sales over the next month can be related to the schedule of budget expenditure. We are not excluding the fact that this transfer at the end of the year will be below the planned level," Khaidarshina said.
She also noted that the dynamic of currency sales of SOFAZ in July was still mainly determined by the schedule of budget expenditure in accordance with the previously approved plans.
"Situation on the domestic foreign exchange market remains stable and Central Bank of Azerbaijan doesn't see any risks to the stability of the national currency this or next year. At the same time manat is being supported by high prices for hydrocarbons," she stressed.
She reminded that Azerbaijan has sufficient resources for supporting the stable currency rate being one of the most secured international reserves of CIS the Commonwealth of Independent States countries.
As of July 1, 2022 Azerbaijan's international services, taking into account the SOFAZ assets, were estimated at $54.2 billion and were close to 100 percent of GDP (estimated value given its growth by 5.6 percent in 2021), while providing coverage for 51.2 months of import.