The insurance upon fraud in financial structures grows. Last year in the framework of this kind collected 1,008,011 AZN with payments of 2,244,750 manats. For comparison - at the end of 2012 the ratio was 444.25 to 618.69 thousand manats , and in 2011 was paid only 6.12 million AZN with bonuses of 374.58 thousand manats.
According to local experts, the reason lies in improper management of the banking system and the lack of proper control. As a result, only the insurance company Baki Sigorta made a lump sum payment of 1.7 million manat or 75.9 % of total payments in this segment.
Growing demand for this type of service ( recorded 366.7 fold increase payments for 2 years) forced lawmakers to prepare amendments to the law " On Banking " and the central bank - to make a standard , comprising introduction of electronic circulation of documents based only on licensed programs. - 17D-
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