Licenses for Provision of Tourism Services Transferred to ASAN
The service ASAN of the State Agency for Service and Social Innovations under the President of Azerbaijan has got another authority - now it will grant licenses for the provision of tourism services. The Culture and Tourism Ministry has been released from the corresponding liabilities.
As the ministry reports, licensing of hotels and tourism companies has been suspended in accordance with the presidential decree on the reduction of the list of licensed business activities.
The updated list of licensed commercial activities should be published within a month. --17D-
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- Politics
- 26 October 2015 15:28
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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