The next session of the Azerbaijani parliament has started. On the agenda there are 21 questions. Among the most important economic bloc there are amendments to the Laws of AR "On food", "On banks", "On aquaculture", "On non-polluting agricultural products", "On State Duty", "On the Central Bank of the Republic of Azerbaijan", "On Grain" and other documents.
The most interesting changes are to the Customs Code. Now the customs officers will be required to return the documents seized from the owner of the goods not within three days, as before, but one day. In addition, the clearance of imported goods will take up to two days. And the customs officers are now deprived of the right to accompany the goods that have aroused suspicion in the inspection. --17D-
Economics
-
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.
-
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.
-
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.
-
"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.
Leave a review