Next Week Kicks Off the Second International Microfinance Conference
Azerbaijan Microfinance Association is organizing on 4-5 October this year, the Sixth International Conference on Microfinance "Time to think: Risk Management."
As reported in the Association, the conference will focus on establishing an adequate internal control system, the introduction of appropriate technologies for the microfinance sector in Azerbaijan in remote areas, the role of women in microfinance, financial literacy skills of middle management, the social activities at the country level, etc.
The event will take place in Monolit Plaza. The principal partner of the conference is Pasha Bank. The participation of local banks as AccessBank, DemirBank, Parabank and TuranBank, and the European Bank for Reconstruction and Development, Finance in Motion, INCOFIN, Trilpe, etc. is expected. -15B -
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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