On the basis of the agreement signed between SOFAZ and Azerbaijan Finance Ministry on August 11, 2006, the rest of currency returns to the State Budget in a special account in the Fund has reached $460 mln.
Shahmar Movsumov, the SOFAZ Executive Director, informed Trend that this amount varies over the year and sometimes it even exceeded $850 mln. The handing over process occurs as the State Budget needs it, and over $400 mln. have been returned up to date.
The Finance Ministry is expected to hand over the budget currency returns to the SOFAZ management in 2007 again. The funds are returned in a foreign currency, though the possible budget funds converting via SOFAZ was earlier considered. However, the Government did not agree with the above-mentioned mechanism, and now the Finance Ministry is carrying out this converting in the currency market itself.
The funds are managed depending on the schedule approved together with the Finance Ministry. They have been put in high-rating banks and high-liquidity funds. The rate of yield governing the funds currently exceeds 5%.