Certification for insurers
After a long break, the Ministry of Finance will hold 27 and 29 September next test examinations for candidates for executive positions, including intermediaries (brokers) in the insurance industry, as well as individuals who wish to receive the insurance agent's license.
As stated in the Ministry of Finance, those who contributed to the previous exams, but have been unable to pass them, can also confirm their participation in the new testing by applying to the email address: tamerlan.aliyev@maliyye.gov.az.
The cost of participation in the certification for individuals is 200 manat, and for legal entities it is 1 thousand manat.
Certification of insurers has been held since the beginning of 2009, in accordance with the requirement of the insurance legislation. According to Article 83.2.2 of the Law "On Insurance Activity" activities of insurance agents are to be licensed. In this case, since March 15, 2009 the agency activity is carried out only by licensed individuals. --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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