Azerbaijan Mortgage Fund (AMF) ruled ceases to exist the insurance company Qarant Sigorta from the register of authorized insurers.
According to the fund, now with mortgage lending services borrowers 20 insurance companies - PASHA Sigorta, Qala Hayat Sigorta, Ateshgah, Azersigorta, Ateshgah Hayat Sigorta, PASHA Hayat Sigorta, AtaSigorta, Baki Sigorta, Standard Insurance, Xalq Sigorta, Buta Sigorta, AzSigorta, Alfa Sigorta, IIC, AXA Mbask, A-Qroup, Revan Sigorta, Mega Sigorta, Ipek Yolu Sigorta and Bashak Inam. --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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