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Sovereign Wealth Funds Briefing - Categorized | Market, Reserve Currencies

SOFAZ’s transfers to state budget to be cut by 1.5B AZN

Posted on 27 September 2016

Transfers from the State Oil Fund of Azerbaijan (SOFAZ) to the state budget will be reduced by 1.5 billion manats (official exchange rate for Sept. 26 is 1.6292 AZN/USD) in 2017, Samir Sharifov, Azerbaijani finance minister, told reporters in Baku Sept. 26.
The minister added that the transfers will be reduced to keep the country’s foreign exchange reserves at the same level. “As Azerbaijani President Ilham Aliyev said, while generating the revenue side of the state budget, we must pay more attention to the income from other sources, rather than deductions from SOFAZ,” he said……………………………………..Full Article: Source


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