The State Insurance Supervision Service of the Ministry of Finance of Azerbaijan will establish a system to inform the insurer of the insured events via mobile phones.
According to the information on the website of the State Procurement Agency, to this end, the government regulator of insurance entered into a contract with the successful tenderer, VIZPER Consult Ltd., for the development of special software. Introduction of the new products will allow the policyholders to get information on changes in the insurance legislation, submit complaints to the insurers and the service supervision, as well as to notify the insurer of the insured event, and etc. on the mobile phone.
The contract price is 15,940 manat. --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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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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