2016 budget won’t be revised – finance minister

2016 budget won’t be revised – finance minister
# 20 May 2016 14:20 (UTC +04:00)

According to him, amendments have been made to the state budget and base price of oil makes $25 for calculation of revenues of the consolidated budget: “Volume of transfers are shown in manat. Therefore, rise or decline of oil price will not affect transfers of the State Oil Fund of Azerbaijan. Currently, as the oil price is higher than budget price, SOFAZ revenues are increasing. This is a positive case. Increase of SOFAZ revenues does not directly affect state revenues. There is not need to increase the transfers. We think increase of SOFAZ currency reserves should go on. Because this is a source of important strategic reserve. Last year’s experience, alarms in currency market, pressure on exchange rate, reduction of CB currency reserves make government accumulate sufficient currency reserves. Taking this into account, we must persuade an economical budget policy”.

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