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Azerbaijan sees 10% decline in negative balance on incomes

12 September 2012 08:29 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-ECONOMICS. The total turnover of incomes and payments on revenue in BoP (balance of payment) was accounted $ 3,480.2 mln, in Q1, 2012.

Central Bank of Azerbaijan says $ 2,916.1 mln or 83.8% of this was payments from Azerbaijan, $ 564.1 mln or 16.2% - income related revenue.

Thus, the negative balance in BoP on income made $ 2,352.0 mln in 6 months of 2012, down 9.7% compared to a year.

Most of payments from Azerbaijan are repatriation of incomes of foreign investors of international oil-gas consortiums ($ 2.3 bln), wages for non-residents ($ 90.9 mln) and paid interests for using the foreign credits ($ 160.4 mln).

Totally, 95.1% or $ 2,236.5 mln of negative balance on income belonged to oil-gas sector, AZN 115.5 mln or 4.9% - to other spheres. Oil-gas sectorâ€™s payments exceeded the incomes by 20.9 times.