Illegal Building in Center of Baku
During the raid conducted by the inspectors of the State Property Committee (SPC) in the Sabail district of Baku on April 21, they revealed facts of illegal building without any documents on 23 hectares of land owned by the state.
As the SCP press service said, monitoring over the execution of land legislation was also held in the Khazar district of the capital (the Zira and Turkan settlements) and several villages of the Absheron region (Novkhani and Mehdiabad). They found evidence of attempts to use agricultural land for other purposes.
These facts were recorded and caused financial sanctions in administrative proceedings.
Since the beginning of this year SCP has found 480 violations of land legislation. The total amount of fines imposed is not reported.
According to the changes in the Code of Administrative Violations, the financial penalties for breaking land legislation can be 8,000 – 10,000 manats, up to imprisonment. ----08D
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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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.
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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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