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Shahmar Movsumov: Bulk of manat included in SOFAZ's assets is temporary

Manat reserves formed in the fund due to the low demand for manat in the state budget

Baku. 12 October. REPORT.AZ/ Inclusion of manat mass in assets of the State Oil Fund of Azerbaijan (SOFAZ ) is a temporary. This is due to the fact that the Fund carries out conversion operations within the approved budget.

Report informs, SOFAZ's Executive Director Shahmar Movsumov stated at a press conference on Wednesday.

"SOFAZ conducts currency conversion operations during a year exactly as much as the demand for manats.Operations are carried out continuously in order to maintain pressure on the market. Payments are made as requested from the budget. Manat reserves formed in the fund due to the low demand for manat in the state budget", said the executive director.

According to Movsumov, transfer of the entire mass of manat to the budget will be carried out by the end of the year: "We must meet all the budgetary commitments."

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