Determined Statements of Investment Funds and Their Managers
The Cabinet amended the rules of the financial statements of commercial organizations. Under the new requirements, the information on the approval of the financial statements of investment funds and their management companies shall be provided to the Financial Markets Control House (FMCH).
Once a year, until March 31, the Taxes Ministry should provide FMCH a list of investment funds operating in Azerbaijan and their management companies. The financial statements of other companies are controlled by the Ministry of Finance.
Note that the second law of Azerbaijan On Investment Funds has been valid since 2011. There is no single investment fund yet. Experts point out that the law meets the most stringent requirements and, perhaps, for this reason it does not meet the realities of Azerbaijan's economy and financial markets. ---08D
-
- Economics
- 27 May 2016 13:50
Economics
-
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.
-
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.
-
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.
-
"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.
Leave a review