Bureau of Mandatory Insurance activated in the Green Card
The Bureau of Compulsory Insurance will reinsure its obligations under the International Association of the National Bureau of Motor Insurance (Green Card).
As the head of the organization Elkhan Guliyev told reporters, the negotiations were conducted under the Insurance Forum in Baden Baden. According to him , reinsurance obligations are a requirement of the Board of Green Card, because of our negotiations for reinsurance obligations are carried out with more than 5 brokers and reinsurers.
The Head of State in July instructed the Cabinet to provide support to the Ministry of Finance to enter the country in Green Card.
At present, the system is in 46 countries. Azerbaijan started active work to join the system in 2012, was aimed at joining the Green Card in 1995 .
The Working Committee of the Council of Bureaux Green Card praised Azerbaijan as a potential participant of the system, in February 2013.
The decision on the admission of new members taken at a general meeting of the Council of the International Bureau of the Association of National Bureau of Automobile Insurance at the end of May each year. In Azerbaijan it can be taken in 2014. -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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