Appoints new board member of PASHA Bank
Hayala Nagiyeva was appointed a new member of the Board of JSC «PASHA Bank». By decision of the Supervisory Board, she was also appointed Chief Investment Officer of the largest private commercial structure. According to the bank , previously she worked in the Department of Risk and Underwriting. So now the bank's board consists of five persons, two of whom, Aydin Atakishiyev and Shirin Aliyev were elected at the end of June this year. The OJSC «PASHA Bank» was founded in 2007, and enters a group of companies “PASHA Holding.” --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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