Azerbaijan's 2023 State Budget Surpasses Forecasts, Propelled by Non-Oil Sector Gains

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) reported a significant increase in its assets, reaching $58,000.6 million as of June 30, 2024.

On Tuesday, Azerbaijani President Ilham Aliyev issued a decree amending the list of services provided to micro, small, and medium-sized enterprises (MSMEs). The amendments aim to optimize processes and improve service delivery for businesses in the country.

President Ilham Aliyev of Azerbaijan signed a decree on July 16 to ensure the implementation of Law No. 2024-VIQD, dated June 28, 2024, which amends the Family Code and several key information laws of the Republic of Azerbaijan. The decree, which takes effect immediately, aims to modernize and streamline legal processes related to personal data and informatization.

The State Oil Company of the Azerbaijan Republic (SOCAR) announced its intention to acquire a 51% stake in Azər Türk Bank OJSC, marking a significant move in the state-owned company’s expansion into the banking sector.