AKIPRESS.COM - Azerbaijan's central bank chief said on Tuesday that work on revising the state budget was under way and that the budget would be based on an oil price of $30.

"After revision the budget will be based on an oil price of $30 per barrel," Elman Rustamov told state television. Azerbaijan's 2016 state budget is currently based on an oil price of $50 per barrel, reports Reuters.

Azerbaijan imposed some limits on foreign currency outflows in a package of measures adopted by parliament on Tuesday to prop up the oil producer's depreciating manat currency.

Rising prices for imported food have stirred protests rarely seen in a country where oil money and well-equipped security forces have long ensured public loyalty to President Ilham Aliyev.

The manat has lost about a third of its value against the dollar in the past month and the central bank has spent more than half its foreign currency reserves, which now stand at about $5 billion, trying to protect it from low oil prices. Oil and gas account for 75 percent of the state's revenues.

Azerbaijan's 10-year dollar bond, which matures in 2024, rose 0.45 cents to trade at 90.08 cents as the government sought to contain the crisis. The bond's yield premium over safe-haven U.S. Treasuries narrowed 11 basis points to 582 bps.

Rustamov said the government would impose limits on foreign currency outflows and introduce a 20 percent tax on currency exports related to direct investment, the purchase of real estate or securities abroad.

No limits would be imposed on currency exports related to education, medical treatment or outflows relating to court decisions, Rustamov told parliament's economic policy committee.

He said between five and seven banks may have to merge.