12:12 - 2.11.2022

---

November 2, Fineko/abc.az. As part of the updated budget rule, State Oil Fund’s transfers to State Budget 2023 will be reduced, ABC.AZ reports, referring to Accounts Chamber’s conclusion on State Budget 2023.

The conclusion says that Draft State Budget for 2023 provides for a SOFAZ transfer to the State Budget in the amount of AZN 11.28 bn (AZN 237.5 million, or 2.1% less than in the updated budget for 2022).

The "budget package" for 2023 envisages the export price of crude oil in the amount of $50 using a cautious approach in order to insure against possible risks.

If the actual price of oil is high compared to this forecast, and revenues to the non-oil sector are met, then the execution of the State Budget with excess receipts in foreign currency may create conditions for saving the Oil Fund’s finances.