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Azerbaijan says deficit in balance-of-payment revenue narrowed sharply

Azerbaijan says deficit in balance-of-payment revenue narrowed sharply

19 June 2009 15:40 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. The total turnover of proceeds and payments on Azerbaijan 1Q09 balance-of-payment revenue was $483 million.

Of this, 72.2% or $348.6 million was payments from Azerbaijan as repatriation of dividends to foreign investors (in the form of crude oil) by Azerbaijan International Operating Company ($126.7 million), salary of nonresidents ($28.8 million) and interests on foreign loans ($67.1 million).

$134.3 million came to the country as income. Of this, $92.9 million was added to assets of the State Oil Fund, $11.9 million to foreign exchange reserves of the Central Bank, and $2.8 million was interests accrued on banksâ€™ assets abroad.

The negative balance of revenue of the balance of payment was $214.3 million, down 8.7 times from a year ago.

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