From May to August, products of 181 private enterprises operating in the northern economic region were considered inappropriate.
This was reported to entrepreneurs at the zonal meeting in Khachmaz by the chairman of public service on control of technical regulation and standardization of the State Committee for Standardization, Metrology and Patents Abulfat Imanov.
According to him, all in all they conducted 350 inspections of industrial facilities, and recorded 45 administrative violations in the amount of 115.5 thousand manat. Of these funds, 29.1 thousand manat was transferred in favor of the supervisors.
The inspections are continuing. -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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