Sharp Decline in Azerbaijani Oil Income in January 2015

Sharp Decline in Azerbaijani Oil Income in January 2015 Azerbaijan exported 1 million 697 thousand 768 tones crude oil through Baku-Tbilisi-Ceyhan (BTC) pipeline in January, 2015: according to the CESD report based on State Oil Company of Azerbaijan Republic’s (SOCAR) official figures. Meanwhile, the country exported 169, 507 thousand tones crude oil through Baku Novorosiysk and 254, 107 thousand tones via Baku Supsa pipelines in the indicated... Read More

80.0 % of SOFAZ’s total revenue was spent in the half of 2014

80.0 % of SOFAZ’s total revenue was spent in the half of 2014 Total revenue of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) was 6.493 billion manat ($ 8.324 billion US) in the half of 2014. SOFAZ’s total spending was 5.163 billion manat ($ 6.619 billion US) in the reporting period. According to the official figures 79.5 % of the SOFAZ revenues was already spent in the first six months of 2014. Revenue of 6.374.8 mln. manat was received... Read More

$ 15,7 million lost in monetary reserves of Azerbaijan’s Central Bank

$ 15,7 million lost in monetary reserves of Azerbaijan’s Central Bank Monetary reserves of the Central Bank of Azerbaijan have started to drop in Q1 2013. In January 2013, the Central Bank’s reserves were valued at $11,964 billion. In February, the value of the reserves dropped by $15,7 million to $11,948 billion, as of March 1, 2013. CESD experts believe that the primary reasons for the decreased value of the monetary reserves are two-fold: First,... Read More

Azerbaijan State Budget for 2013

Azerbaijan State Budget for 2013 The revenues of the 2013 state budget are forecast to make up AZN 19,154 billion ($ 24,556 billion), while expenditures – AZN 19,8 billion ($ 25,384 billion).  According to the 2013 draft budget, the forecast revenues are AZN 2,116 billion ($ 2,712 billion) or 12.4% more against the 2012 state budget. Of the 2013 budget revenues, AZN 11.4 billion ($ 14,165 billion) or 59.3% of overall budget revenues will account... Read More

Income declaration to apply in Azerbaijan

Income declaration to apply in Azerbaijan Income declaration will be applied in Azerbaijan as  part of the combating with corruption in Azerbaijan, officials will have to declare their incomes, it has been set out in the innovations introduced in the “National Action Plan to combat corruption for 2012-2015” confirmed by the Azerbaijani President . One of these steps is to provide officials’ income declaration data in e-form. According... Read More