Azerbaijan should create private pension funds, which will, among other things, increase the need for actuaries, the head of the State Insurance Supervision Service under the Ministry of Finance Namig Khalilov told reporters at the event for the development of this segment of the financial market.
According to him, this segment of the service is in demand, the demand for actuaries is growing and they are needed not only by insurers, but also in the fields of pensions, banking and investment. By the way, yesterday in accordance with the law "On insurance activity" 27 actuaries who have successfully passed a certification exam received their certificates. The complexity of the profession is proved by the fact that only 10% of those who took part in courses at the Azerbaijan Insurers Association (AIA) were certified.
According to the head of AIA Orkhan Bayramov, from May 2015 such courses will be conducted not only for employees of insurance companies, but also for employees of the State Social Protection Fund. --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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