Iran"s chief customs officer comes to Baku
September 29, the Head of the Customs Service of Iran Masoud Karbasian arrives in Baku, Iranian media reported.
Before leaving for Baku Karbasian told local media that he goes to Baku at the invitation of the head of the Customs Service of Azerbaijan and will discuss the situation at checkpoints on the border between the two countries, ways to increase trade between Iran and Azerbaijan, and cooperation between the customs of the two countries.
Karbasian will also meet with other Azerbaijani officials. -02D-
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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