Azerbaijan raids oil fund as central bank reserves dwindle
President allocates chunk of oil fund to top up central bank reserves
Azerbaijan's president Ilham Aliyev has reallocated a chunk of the country's oil fund to the central bank's reserves, which have dwindled amid continued pressure on the manat.
In a decree dated January 10, Aliyev diverted 7.5 billion manat ($4.1 billion) to the central bank's coffers, almost the entirety of the budgeted 2017 income, which amounts to 8.4 billion manat. Total outgoings, including the contribution to the central bank, amount to around 14.5 billion manat.
The injection will roughly
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