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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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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