Azerbaijan, Baku, 28 January / Trend corr I. Khalilova / As a result of 2007, the yield from the management of the public budget's currency income saved up in the special account of the State Oil Fund of Azerbaijan Republic (SOFAR) totalled 5.62% in dollar assets and 5.91% in pounds sterling, SOFAR Executive Director Shahmar Movsumov said.
The yield from management of SOFAR funds in the accounting currency (manats) constituted 5.04%, and in basic currency (dollars) - 8.28%.
The remainder on the account of the Finance Ministry made up $570.72mln and 31.29mln
pounds sterling.
SOFAR manages the Finance Ministry's funds on the basis of an agreement signed on 11 August 2006. According to Movsumov, the remainder of the public budget currency income in the special fund of the Fund is non-stable, and during the year its amount periodically varied between $700mln and $1.1bln. This happens because the Finance Ministry, if necessary, withdraws funds from the account or adds to the account.
The funds are managed in accordance with the schedule approved by the Finance Ministry and are placed in high-rating banks and high-liquid funds.