BAKU, Azerbaijan, April 16
By Nargiz Ismayilova – Trend:
The budget expenditures of the State Oil Fund of Azerbaijan (SOFAZ) amounted to 4.7 billion manat ($2.8 billion) from January through March 2020, Trend reports referring to SOFAZ’s report for the first quarter of 2020.
In accordance with the report, despite a sharp drop in crude oil prices over this period, SOFAZ fulfilled its functions to maintain macroeconomic and fiscal balance, as well as the obligations to the general and state budgets.
To meet the growing demand for foreign currency in the country's foreign exchange market from January through March 2020, foreign currency worth $2.8 billion was sold and 4.7 billion manat ($2.8 billion) was bought, the report said.
Some 4.6 billion manat ($2.7 billion) was transferred to the state budget, including 1.8 billion manat ($1.05 billion) ahead of schedule due to the foreign exchange sales.
At the same time, 60.9 million manat ($35.8 million) was transferred to finance the measures to improve the social situation and resettlement of families of internally displaced people.
During the reporting period, the expenses related to SOFAZ management amounted to 5.9 million manat ($3.5 million).
(1 USD = 1.7 AZN on April 16)
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