Profitability of Azerbaijani Public Budget’s Currency Revenues Management Exceeds $30mln
Azerbaijan, Baku / Trend corr I. Khalilova / The State Oil Fund of Azerbaijan (SOFAZ) received $30.2mln and 0.8mln pound sterling in the period of January to September from management of the public budget currency revenues which were saved in the special account of the Fund, SOFAZ Executive Director Shahmar Movsumov said at a press conference on 1 November dedicated to the results of SOFAZ's activities of the recent 9 months.
SOFAZ manages Azerbaijani Finance Ministry's funds on the basis of the agreement signed on 11 August 2006. According to Movsumov, the rest of the currency revenues are instable and they varied between $700mln and $1.1bln within a year, as the Finance Ministry discounts the funds off the account or adds them if necessary.
As a result of 9 months, profitability from management of the funds saved in dollars made up 4.27%, and those saved in pounds sterling - 3.82%.
The funds are managed in accordance with the schedule approved by the Finance Ministry and are saved in high-rating banks and high-liquid funds.
Profitability of Azerbaijani Public Budget's Currency Revenues Management Exceeds $30mln