Oil fund to transfer $12bn to Azeri budget in 2011
BAKU – Budget transfers of the State Oil Fund (Sofar) that holds Azerbaijan’s revenues from oil exports will amount to around $12 billion in 2011, according to its Executive Director Shahmar Movsumov.
Sofar’s funds currently total $31 billion.
Movsumov also said the funds are not considerably affected by volatility of the dollar and euro exchange rates as they are held in a number of currencies.
The debt crisis in Europe has been adversely affecting world financial markets.
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