ARPA expands and updates the activity standards
UniBank has become a corporate member of the Association of Risk Professionals of Azerbaijan (ARPA.)
According to report, with reference to the Chairman of the Board of Directors of ARPA, Rufat Mahmud, one of the goals of ARPA at this stage is the creation of a network of professionals in this field.
"There starts a broad program to involve individual members in the ARPA, to be useful directly to experts, rather than corporations. In the framework of Online Association (www.arpa.az) online-registration has been opened, where practically anyone can become a member and enjoy the products of ARPA. In this case, each of the Association is entitled to vote at the General Assembly of the ARPA, » is said on behalf of the chairman.
On July 23 the Association held this year's first chapter meeting, due to the transition to the new format of the members.
Until today, there were 28 corporate and 700 independent members in the ARPA. A number of other organizations are in the process of entering the ranks of the association, and signing relevant agreements. - 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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