Azerbaijan Senaye Sigorta Carried out Large Insurance Payment on Agriculture
The insurance company Azerbaijan Senaye Sigorta has carried out the largest insurance payment in agriculture over the past three years, the company said.
Sixty-two farmers from eight regions (Agjabedi, Barda, Beylagan, Fizuli, Imishli Samukh, Tovuz and Terter) were paid an insurance in the amount of 205,392 manat in connection with the serious damage that hail caused to sugar beet fields. ---71D
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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