Azerbaijan President Issues Decree Amending Payment Services Regulations

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.

Azerbaijani President Ilham Aliyev has approved new regulations governing tourism and recreation zones as part of a broader effort to enhance the sector's infrastructure and investment framework.

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.