The list of partners of the processing center «AzeriCard» was replenished by another credit institution. The JSC «Ziraat Bank Azerbaycan», founded by Turkish Ziraat Bankası, and having since the beginning of the year the license of the Central Bank of Azerbaijan, joined the system now. According to the Center, a cooperation agreement between the parties was signed in July, and will soon step up work to establish the infrastructure of the bank card. On December 30, 2014 the CBA issued the license for the activities of «Ziraat Bank Azerbaycan» with an initial registered capital of 50 million manat. Partners of AzeriCard Processing Center under the International Bank of Azerbaijan are now 34 banks. --17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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