The National Depository Center has signed two contracts with a new company from Hong Kong, Mitchell Contracts Limited for about $ 100,000 (81,000 manat).
The company, established in December of last year will be specialized in IT support to NDC to improve its discounts, as well as create a system of conducting an official register of all types of collateral securities. Pledge of securities in Azerbaijan is not popular in Azerbaijan: five months of this year recorded only 5 mortgage securities transactions.
In addition, since the beginning of the year the NDC signed several contracts with Air Gold Company Inc and White Road Networks Ltd for the purchase of consulting services to mobilize expertise and technical support in excess of 100,000 manat. Similar purchases were made in previous years.
Audit of the financial activities of the central depository of Azerbaijan in 2011-2013 carried out independent auditor Namik Abbasli. In the period 2011-2012 these services cost about 14 thousand manats. This year the NDC increased fee auditor during the 2013-2014 year to 17,000 manat.
Financial and technical support to improve the depositary and automation of trade and settlement operations provided the European Union, and other institutions. Currently under the World Bank the project "Modernization of the capital market" is realized, also providing for improvement of this system. - 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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