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Shahmar Movsumov: Decline of SOFAZ transfers in the budget is a positive development

This not only contributes to fiscal consolidation, but would save foreign exchange reserves

Baku. 26 September. REPORT.AZ/ "In 2017, volume of transfers from the State Oil Fund of Azerbaijan Republic (SOFAZ) to the state budget in the annual comparison will be reduced by 1.5 billion AZN, up to AZN 6.1 billion AZN." 

Report informs, the Executive director of SOFAZ Shahmar Movsumov told reporters.

He believes that reduction of transfers from SOFAZ to the budget is a positive development: "This not only contributes to fiscal consolidation, but would also provide macroeconomic stability, and will save foreign exchange reserves." 

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