13:27 - 3.03.2020

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March 3, Fineko/abc.az. In the first month of 2020 Azerbaijan’s budget not only did not have deficit, but even observed a formed surplus of AZN 400 million.

ABC.AZ reports that the above-mentioned statement was made by Vusal Gasimli, Executive Director of the Center for Analysis of Economic Reforms & Communications, when commenting on the macroeconomic impact of the decline in oil prices in Azerbaijan.

According to Gasimli, the operational data of tax and customs authorities for January-February 2020 also show that the budget receives funds in excess of the forecast: "We must take into account that in the first two months of this year the oil prices were above $60 per barrel on average. This increased the reserves of both the Central Bank and SOFAZ. For January-February 2020 alone Central Bank's reserves increased by AZN 243 million. Thus, reserves created in addition to the forecast during this year can compensate for losses during several months when oil prices will be lower than the forecast. Most importantly, Azerbaijan's strategic foreign exchange reserves of $52 billion exceed GDP by 8%. This also helps ensure the country's fiscal sustainability."