Is Azerbaijani Oil Fund’s 2015 budget realistic?

Is Azerbaijani Oil Fund’s 2015 budget realistic? The budget of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) for 2015 has been approved. SOFAZ’s income is expected to be 10, 246 billion manat ( $13,136 billion US) meanwhile the expenditure will be 11, 814 billion ($ 15,146 billion US) in 2015 according to the official law. Noting that the oil price set in the 2015-state budget of Azerbaijan stands at $ 90 per barrel, SOFAZ said the oil price in the state budget... Read More

2015 Growth Forecast for Azerbaijan Adjusted

2015 Growth Forecast for Azerbaijan Adjusted The European Bank for Reconstruction & Development (EBRD) has announced Regional Economic Prospects 2015. The Bank has adjusted its official growth forecast from 3.0 % to 1.5 % in 2015. The Bank has reported that Azerbaijan has “suffered” because of its dependence on hydrocarbons whose prices have fallen. At that, the ERBD is confident in the country’s sustainability to external shocks and the continued growth of the... Read More

CESD was ranked as the top think tank in Central Asia and Southern Caucasus

CESD was ranked as the top think tank in Central Asia and Southern Caucasus The University of Pennsylvania’s (UPenn) Think Tanks and Civil Societies Program announced rankings of the leading public policy research organizations in the world in their annual Global “Go-To Think Tanks” report on January 22, 2015. The report was submitted at United Nations’ head quarter in New-York City, USA today. The report’s publication is the culmination of an eight-month process involving... Read More

Azerbaijani Oil Export in 2014: Brief Overview

Azerbaijani Oil Export in 2014: Brief Overview 2014 was marked by a sudden decline in oil prices in the world market. As an oil exporter country, Azerbaijan started feeling effects of a sharp fall in oil revenue after oil price decline in the world market owing to decline of the country’s oil income. In spite of the fact that Azerbaijan was able to reduce share of oil industry both in public revenues and in the country’s Gross Domestic Product (GDP), Azerbaijan is still heavily... Read More

Azerbaijan Economy in 2014

Azerbaijan Economy in 2014 Decline of oil price in the world market was the main character of Azerbaijan economy in 2014. As an oil exporter country, Azerbaijan might face the effects of a sharp fall in oil revenue after oil price decline in the world market. Azerbaijan is heavily dependent on oil and natural gas export revenues. In fact, 2014 was somehow successful for Azerbaijan economy since the country was able to reserve growth in the almost all economic data. The committee... Read More

Weekly intervention cost of Central Bank of Azerbaijan: $ 1.27 billion US

Weekly intervention cost of Central Bank of Azerbaijan: $ 1.27 billion US Central Bank of Azerbaijan (CBA) says that US currency is in feverish demand in the country because of Russia. According to CBA, demand for US dollars increased in Azerbaijan starting from mid-December under the influence of psychological factors due to sudden depreciation of Russian currency, as ABC news agency reports. “To maintain stability of the national currency CBA set out $1.127 billion for sale”,... Read More

Falling Oil Prices and Declining of Currency Reserves

Falling Oil Prices and Declining of Currency Reserves Caused by oil price decline in the world market, Central Bank’s intervention costs have decreased since August 2014 in Azerbaijan- Center for Economic and Social Development (CESD) reports. According to the official data of Central Bank of Azerbaijan Republic (CBAR), which published on January 08 2015, decline has been observed in both total reserves and currency reserves. CESD underlines that CBAR has already stopped dollar... Read More