Baku Hosts XII Bond Congress of CIS and Baltic
Baku hosts XII Bond Congress of CIS and Baltic countries.
As the deputy chairman of the BSE Vugar Namazov said, in connection with the adoption of the Law "On the Securities Market", before the end of this year, all certificated securities will become non-certificated. "The Milli Majlis has adopted a document on the third reading, and now it's up to the President signing the respective order. Once the law comes into force, the situation in the stock market will change dramatically. In particular, on the basis of the National Depository Center, the Central Depository and Central Clearing House will be established and banks will appear around the Clearing House. The new law will also require fundamental changes on the BSE. We have to completely update our guidance and rules. This work has already begun in parallel with the development of the new law, and now we are ready to install the new rules immediately after the enactment of the law," he said.
The Law "On the Securities Market" was adopted by the Parliament of Azerbaijan on May 17, 2015. --17D-
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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