Economics
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A meeting was held between the State Service for Antimonopoly Control and Consumer Market Supervision and entrepreneurs in the fuel sector, highlighting both current challenges and promising steps toward progress. Discussions, organized under the Ministry of Economy, focused on fuel quality issues, consumer rights protection, and compliance with established standards in a country where vehicle fuel has long been a contentious issue.
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Azerbaijan has marked a historic milestone in its food trade, recording unprecedented levels of food imports in 2024. According to the State Customs Committee, food imports for the first eleven months of the year rose by 10.8% compared to the same period in 2023, reaching $2.19 billion. This is $213.9 million higher than last year’s figure of $1.98 billion, underscoring a sharp increase in domestic demand.
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In December this year, the State Oil Fund of the Republic of Azerbaijan (SOFAZ) marked its 25th anniversary, highlighting its pivotal role in shaping the country's economy since its establishment in 1999. The milestone was commemorated at a gathering titled "From National Wealth to Sustainable Development" on December 24, attended by SOFAZ staff and key stakeholders.
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The Central Bank of Azerbaijan (CBA) has introduced new 3-qapik coins. Previously, updated coins of 1, 5, 10, 20, and 50 qapik denominations were also issued. According to the bank's press service, the reverse side of the new coin features the emblem of the Republic of Azerbaijan and the year of minting, while other design elements and technical specifications remain unchanged. The new 3-qapik coins will circulate alongside the existing currency.
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