Leadership of the House to control the financial markets is defined
By the decree of the president Ilham Aliyev, the head of the deputy chairman of the Chamber's Board of Directors for the control of the financial markets of Azerbaijan was appointed. She was born in 1973, previously worked as director of the Department of Market Operations of the Central Bank of Azerbaijan. The Chamber was established by the decree of the President in February this year as a legal entity of public law in order to improve regulation and supervision of the securities market, investment funds and insurance and credit institutions. In addition, its function is to control over payment systems, the fight against terrorism financing and legalization of money and property acquired through criminal, increasing the transparency and flexibility of supervision in this area. Since March 10, Rufat Aslanli the chairman of structure is the head of the working group for its creation. --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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