Azerbaijan Approves New Regulations for Tourism and Recreation Zones

In July 2024, the State Oil Fund of the Republic of Azerbaijan (SOFAR) reported a sharp increase in currency sales, reaching $826.3 million. This figure is three times higher than the $272.7 million recorded in July 2023 and twice the amount for June 2024.

The State Statistics Committee has reported a decline in Azerbaijan's grain production for the first half of 2024, with output totaling 1.96 million tons of grain and legumes, including corn. This represents a 5.6% decrease compared to the same period last year.

Azerbaijan's President Ilham Aliyev has issued a decree making significant amendments to existing presidential decrees to align with the new law on payment services and payment systems, effective from July 14, 2023.

Azerbaijan has initiated the measurement of offshore wind energy potential as part of its strategy for offshore wind energy development. This effort, detailed in the "Strategy for Socio-Economic Development of the Republic of Azerbaijan for 2022-2026," is advancing with preliminary measurements nearing completion in designated areas.