Bank Of Baku

Elman Rustamov: 75% of oil revenues in state budget are protected from oil price changes

Elman Rustamov: 75% of oil revenues in state budget are protected from oil price changes
# 06 November 2008 15:29 (UTC +04:00)
Baku. Rashad Suleymanov - APA-Economics. Approximately 75% of oil revenues in the state budget of Azerbaijan are protected from fluctuations in the world market, said Elman Rustamov, Chairman of the National Bank of Azerbaijan.
“The 2009 state budget meets today’s challenges and current objectives from the macroeconomic point of view. A budget spending cap is an appropriate response to developments and trends in the financial and commodity markets,” he added.
he noted that Azerbaijan’s 2009 budget was built on the oil revenue estimates of $70 per barrel.
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