In the Financial Market Control House (FMCH) of Azerbaijan there is a new assignment - Asim Zulfugarov became Deputy Executive Director (Ibrahim Alyshev) and Acting Director of the Strategic Services Department.
Imran Mammadov was appointed Acting Director of the Banking Activities Supervision Department.
This agency extends the scope of activities, encompassing more niches previously occupied by organizations in the Ministry of Finance of Azerbaijan. So, for the first time its leadership voiced insurance issues, taking over the functions of the former State Insurance Supervision Service. According to the head of the Board of Directors Rufat Aslanli, FMCH has conducted primary market diagnosis, and therefore identified the need to improve the management of companies and the accounting system, strengthening financial stability.
Recall, the House was established as public legal entity in February by the decree of the President of Azerbaijan with the authority to license, regulate and control the securities market activities, investment funds, insurance companies, credit institutions (banks, non-bank credit institutions and the postal operator) and payment systems.--17D-
Economics
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Natural gas prices in Europe surged to their highest level since October 2023 on Friday, reflecting expectations of increased demand due to an impending cold spell in the region.
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U.S. President Donald Trump’s proposed energy and trade policies could lead to a prolonged decline in global oil and gas prices, potentially triggering economic instability in Azerbaijan from 2026 onward, unless significant structural reforms are implemented, economist Gubad Ibadoglu warned in a recent analysis.
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Azerbaijan has taken a step toward diversifying its agricultural sector by launching the country’s first commercial banana production, with local producer Fruitland introducing tropical fruits to the domestic market.
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Azerbaijan, Georgia, Turkey, and Bulgaria have agreed on the draft text of a memorandum of understanding in the field of green energy transmission, marking a significant step in the development of sustainable energy ties in the region. The document aims to expand energy exchange between the countries and establish a legal framework for the Green Energy Corridor project.
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