SOFAZ announces total revenues for 12 years

Since the establishment of the State Oil Fund of Azerbaijan (SOFAZ) up until March 31, 2012, the Fund received $70.8 billion in revenues, SOFAZ head Shahmar Movsumov said in an interview published by the Respublika newspaper yesterday. SOFAZ was established in 1999 and then its assets amounted to $271 million.

According to Movsumov, $32.4 billion (45.7 per cent) of the total revenues of the fund were directed towards accumulation.

"At present, the country's strategic currency reserves amount to $43.2 billion, 75 per cent of which account for SOFAZ," Movsumov said.

He said during the 2003 - 2012 period (until March 31) the volume of SOFAZ's transfers to the state budget amounted to 27 billion manat. This year, the share of transfers in total incomes to the state budget reached 60.3 per cent.

Based on SOFAZ's regulations, the funds may be used for the construction and reconstruction of strategically important infrastructure facilities, as well as solving important national problems. The main purpose of the fund is the accumulation of funds and placement of its assets abroad to minimise the negative impact on the economy, preventing a 'Dutch syndrome' to ensure savings for future generations and maintain the current socio-economic standard in the country.


/Trend/