The activities of another insurance company have got suspended.
According to the information on the site of the State Insurance Supervision Service, by the order of the Finance Minister dated 25 November, the company Era-Trans was suspended. In early November, the Azerbaijani-Turkish company Bashak Inam Sigorta faced the same fate.
The licenses of both market participants were reportedly revoked in view of the inconsistency of its capital to the minimum requirements for the total capital of insurers, as well as other violations in the activity.
At the local insurance market there remain 26 companies, not counting the only “pure” reinsurance company. --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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