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SOFAZ may readjust revenue outlook for 2009 depending on oil prices

12 December 2008 15:06 (UTC +04:00)

Baku. Rashad Suleymanov - APA-Economics. The State Oil Fund of Azerbaijan (SOFAZ) doesnâ€™t plan to change its currency composition next year, said Shahmar Movsumov, Executive Director of SOFAZ.
â€œOur 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,â€ he added.
He also noted that the falling oil prices have affected the income of SOFAZ.
â€œHowever, 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, SOFAZâ€™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.