ICT Services for Financial Monitoring Service
The Financial Monitoring Service (FMS) at the Central Bank of Azerbaijan has announced a tender for the selection of a contractor for the provision of services in the field of information technology.
According to the tender announcement, the contractor must have experience in the creation of technical and software platform of AML-AZ, in support of computers and other equipment used by the service, as well as the delivery of new software. The state duty for participation in the tender is 150 manat.
Proposals from the applicants will be accepted until December 8. The tender procedure will be held on December 9.
The Financial Monitoring Service of Azerbaijan was established on the presidential decree of 16 July 2009 for the approval of the Regulation on its activities, which is a key point in the implementation of the law "On combating the laundering of money obtained by criminal means and the financing of terrorism."
FMS examines the situation in the field and analyzes it, and prepares proposals and recommendations. It defines criteria for identifying transaction subjects for monitoring, determines the statistical form for information about offenses in this area, provides information to the MNS, and organizes a centralized electronic information system. --17D-
Economics
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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.
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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.
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"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.
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