New Head of Supervisory Board of Bank Respublika Appointed
At the general meeting of shareholders of Bank Respublika, it was decided to appoint Shakir Rahimov as the new head of the Bank's Supervisory Board.
Prior to that, Rahimov held the post of Deputy Chairman of the Board of Access Bank.
Rahimov was educated at the Azerbaijan State Economic University and at the University of Warwick, and also received a master's degree in business administration from the Warwick Business School. ----71D
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- Economics
- 29 March 2017 13:22
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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