Shahmar Movsumov, the Executive Director of the State Oil Fund of the Republic of Azerbaijan (SOFAZ) received on May 21, 2009 the delegation headed by the Chairman of Swiss National Bank Mr. Jean Pierre-Roth.
Mr. Movsumov briefed the guests on the Fund's activity, management of its assets, major projects financed by the Fund. He talked about SOFAZ's leading role in implementation of the Extractive Industries Transparency Initiative (EITI).
Mr. Jean Pierre-Roth extended his congratulations to SOFAZ Executive Director on designation of Azerbaijan as the first EITI Compliant country. He also appreciated Fund's initiative to provide transparency in its activity.
The current circumstances in financial markets, the economic reforms, importance of oil sector in Azerbaijan, influence of huge oil revenues to our country, development of Azerbaijan's non-oil sector and other issues were discussed at the meeting.