Customs Confused Dirty Money with Dirty Laundry
In 2014, Azerbaijan, where there is no domestic production, was delivered 77 425 pieces of household and laundry washing machines. Commodity unit has been issued at customs on average at $ 122.8, while last year in retail sales the minimum price of this product was about 500 manat (about $ 600).
According to the State Customs Committee, last year, imports of washing machines increased by 20.5%. Total imports in monetary terms amounted to $ 9 million 508.3 thousand (+ 25.4%).
In neighboring Georgia, where the population is two times less than in Azerbaijan, last year the volume of imports of washing machines exceeded $ 44 million, 4.6 times more than in our country. Over the past two years, imports of this product in Georgia increased by 36%. Even in Armenia, where the official poverty rate is 6 times the figure for Azerbaijan (5%), imports of washing machines in 2014 was $ 11 million 25.1 thousand. ----08B
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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