Revenue of Azerbaijani budget from oil fell by ¼ in H1, foreign currency reserves of Central Bank – by 38%

​In June 2015 SOCAR transferred 123.688 mln manats (about $118 mln) to the state budget.

Compared to 2014 the company’s volumes of transfers fell by 15%. In H1 payment of SOCAR to the state budget made up 728.730 mln manats (about $700 mln). The payment to the state budget against H1 2014 fell by 239.59 mln manats or 24.7%, to the State Social Security Fund – by 2.453 mln manats or 3.4%. In H1 2014 SOCAR transferred 968.309 mln manats to the budget, 72.237 mln manats to the State Social Security Fund.

Due to the price fall for oil, the economy of Azerbaijan faces difficulties for a few months straight. Besides the revenue fall from the sale of hydrocarbons, the country’s foreign currency reserves are reducing: from the beginning of the year the reserves of Azerbaijan fell to $8.5 bln – within half a year $5.2 bln or 38% were spent, in annual terms – over $6.6 bln or 43.8% of reserves.