Ministry of Transport Responsible for Monitoring Insurance Claims in Railways
The powers of the Ministry of Transportation have been extended. By the decree of President Ilham Aliyev, the Ministry of Transport will monitor the compulsory insurance means of passengers against accidents on railway transport.
The head of Passenger Transportation Department of CJSC Azerbaijani Railways Elyar Muradov told Turan the compulsory accident insurance applies throughout the years. "There is a contract with an insurance company on this type of compulsory insurance, which is updated annually. The ticket price is also taken into account in the insurance payment," he said.
In 2016, the State Railways transported 1 million 927 thousand passengers, which is 1.8% more than in the previous year. --08D
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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