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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The 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change has taken a significant step towards a unified global response to climate change. On the first day of discussions in Baku, participating countries reached a historic agreement on the rules governing the creation and trade of carbon credits. This decision paves the way for the launch of multibillion-dollar carbon credit markets, to be overseen by the United Nations, potentially as soon as next year.
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The State Oil Company of Azerbaijan (SOCAR), Albania’s Ministry of Infrastructure and Energy, and Albanian gas company Albgaz signed a memorandum of understanding (MoU) on Sunday in Baku during the 29th session of the UN Climate Change Conference (COP 29).
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The Green Energy Corridor project, aimed at delivering green energy from Azerbaijan through Georgia and the Black Sea to Romania, Hungary, and Bulgaria, has entered the investment assessment phase, according to Georgian Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili.
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Azerbaijan’s state oil company SOCAR and Italy’s Italgas signed a cooperation agreement on Sunday during the 29th session of the United Nations Framework Convention on Climate Change (COP29), aimed at accelerating the energy transition.
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