In January-October the State Customs Committee (SCC) transferred 1 billion 258.5 million manat, which is 1.7 million manat more than in the comparable period of 2014.
According to the agency, in October customs officers collected 134.3 million manats in customs taxes and duties. It is about 34 million manat more than in the previous month.
Foreign economic activity participants noted that, despite the verbal orders of the head of state to eliminate the manifestations of monopoly and unfair competition in the Azerbaijani customs, there still remain such illegal phenomena.
This year, the plan forecast for the collection of customs duties and taxes is 1 billion 590 million manat. In 2016 the Customs had the same plan. -----08D
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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