Economics
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The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has reported a 3.3% increase in its gold investments compared to last year, according to the fund's investment activity results for the second quarter of 2024. Gold investments now account for $8.57 billion, or 14.8% of SOFAZ's US Dollar Portfolio.
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Azerbaijan is bracing for heightened expectations of currency devaluation as declining oil revenues and mounting inflationary pressures fuel concerns over economic stability, experts warn.
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A delegation led by Azerbaijan's Minister of Economy, Mikayil Jabbarov, met with key Italian officials during an official visit to Italy, highlighting the strong and multifaceted partnership between the two countries.
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The Cabinet of Ministers of the Republic of Azerbaijan approved amendments on July 17 to the list of goods, services, and tariffs regulated by the state, as well as adjustments to import and export customs duties. These changes, guided by Article 119, paragraph 8 of the Constitution of Azerbaijan, aim to streamline economic activities and improve the regulatory framework.
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