Chamber of Auditors Integrated into International Structures
The Chamber of Auditors of Azerbaijan (CAA) is preparing to join the International Forum of Independent Audit Regulators (IFIAR). The decision was taken the day before, according to the information on the CAA website.
Membership in the World Organization will allow local audiences to study international experience in this sector with a view to its application in the conditions of Azerbaijan.
The relevant structures of CAA have been instructed to begin preparing the necessary documents for entry into the organization.
The forum IFIAR was established in September 2006. --17D-
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- Economics
- 29 May 2015 14:27
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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