EBRD: SOFAZ may help to strengthen Azerbaijani manat’s rate
Baku, Azerbaijan, Mar. 16
Transfers from the State Oil Fund of Azerbaijan (SOFAZ) to the country’s Central Bank (CBA) in the amount of 7.5 billion manats in 2017 may serve to maintain stability of the Azerbaijani manat’s rate, said Konstantine Kintsurashvili, principal economist of the European Bank for Reconstruction and Development (EBRD).
Kintsurashvili made the remarks during the sixth annual meeting on Azerbaijan of the international ratings agency Fitch Ratings in Baku Mar. 16.
“Transfers in the amount of 7.5 billion manats may be used for the strengthening of manat’s rate,” he noted.
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 and will be used to ensure macroeconomic stability.
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.