Baku. Rashad Suleymanov - APA-Economics. The State Oil Fund of Azerbaijan (SOFAZ) doesn’t plan to change its currency composition next year, said Shahmar Movsumov, Executive Director of SOFAZ.
“Our policy is to maintain a neutral line in the currency composition. To date, SOFAZ holds 50% of its funds in the dollar and 50% in other currencies. This principle will be maintained in 2009 too,†he added.
He also noted that the falling oil prices have affected the income of SOFAZ.
“However, we will execute our 2008 budget in surplus. This suggests that a conservative approach to the budget drafting has turned to be true. In 2009, SOFAZ’s expenditures will be about AZN 5 billion. Depending on the price of oil on the world market, we may adjust the forecasted revenues next year.
SOFAZ may readjust revenue outlook for 2009 depending on oil prices
12 December 2008 15:06 (UTC +04:00)
İDMAN XƏBƏR
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