SOFAZ reduced transfer to State Budget

12:49 - 21.04.2021


April 21, Fineko/abc.az. In the 1st quarter of this year the State Oil Fund of Azerbaijan (SOFAZ) transferred AZN 2.513 bn to the State Budget (17.6% or AZN 536.3 million less against the forecast figure).

ABC.AZ reports with reference to the Ministry of Finance that the failure to implement the forecast in full is linked with the fact that the State Tax Service and the State Customs Committee under the Ministry of Economy exceeded the forecast and used the resources intended to finance the budget deficit.

This allows selling more US dollars at foreign exchange auctions if the actual transfer from SOFAZ to the State Budget is less than the projected one.

 

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