
Launched Banking Conference of CIS
The three-day VII Baku International Banking Conference started. The event is supported by the Executive Committee of the CIS, the Finance and Banking Council of the bCIS and the International Bank of Azerbaijan.
The program provides a discussion of the strategic cooperation between the CIS countries in the light of their financial and banking systems, as well as the problems and prospects of the restructuring of national financial markets. In addition, attention will be paid to the peculiarities of interaction of CIS financial markets in the global political turbulence, the use of the world payment systems and the establishment of national payment systems within the organization, the role of national regulators to optimize the number and quality development of the financial markets, as well as new approaches to sources of capital and recapitalization of the banking sector, including the exchange products. --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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