ECONOMY


President Ilham Aliyev: We have managed to preserve revenues of Oil Fund

Baku, January 12, AZERTAC

“In 2016, one of the main objectives was to preserve our foreign exchange reserves, in particular, the resources of the Oil Fund. We managed to achieve that. Today I want to draw the attention of our people to the processes taking place in the world again. We can say that foreign exchange earnings of all oil-rich countries have significantly declined. Oil funds, sovereign funds, other funds, retirement funds – they are called differently – the funds accumulating in such funds have fallen sharply. In Azerbaijan, we can say that we have managed to preserve the revenues of the Oil Fund,” said President Ilham Aliyev as he addressed the meeting of the Cabinet of Ministers dedicated to the results of socioeconomic development of 2016 and objectives for the future.

“Oil Fund revenues have decreased by only 4 per cent, because we have taken steps to diversify our foreign exchange reserves. Our currency is kept in dollars, euros and British pounds. As a result of the strengthening of the dollar and the decline of the euro and pound, the foreign exchange reserves of our Oil Fund have decreased by 4 per cent in dollar terms. If it hadn’t been for the difference in the exchange rate, even this minor decline wouldn’t have occurred. The resources of the State Oil Fund of Azerbaijan today amount to $33 billion dollars. We have preserved that, we will preserve that, and I am sure that these funds will be even increased this year,” the head of state said.

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