CBA Updates Design of Its Virtual Resource
The Central Bank of Azerbaijan (CBA) announced a quotation method to attract new services to design their own web site (www.cbar.az), and for the introduction of new applications for communication devices iPad, iPhone, Android and Black Berry, and new modules. In addition, the involved services are to create elements of the corporate style of the Central Bank in accordance with international standards.
The participation fee is AZN 50 for the first lot and AZN 30 for the second lot. Applications for participation in the survey will be accepted until October 3 this year in the bank at 32 R. Behbudov Street. The bids will be opened at 10 a.m. the next day in the same place.
For more information, refer to R. Hajiyev at the phone number 493-11-22 (extension 501). - 15D -
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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