Next extraordinary meeting of parliament will to discuss the situation on the currency market
On January 19 Azerbaijani the Parliament will hold an extraordinary meeting to discuss amendments and additions to some legislative acts: "On the full deposit insurance"; Tax code; Code of Administrative Violations; On currency regulation, according to a number of deputies who were called back from winter holidays. The last meeting of the winter session was on 30 December, and the first meeting of the spring session will be held on February 1. The urgency of collecting deputies is explained the emergency situation caused by the effects of the devaluation and the social problems that require urgent measures and steps. -16D-
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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