Personnel Recruitment and Growth in Pasha Hayat Sigorta
In JSC Pasha Hayat Sigorta there are personnel changes - the Board has included the former 1st Deputy Chairman of the Board of the company Auto Azerbaijan, Rustam Mammadov and the head of the insurance company's department for human resources, law and information technology Lala Jafarova.
According to the insurer, Niyaz Ismayilov was appointed the First Deputy Chairman of the Board is Niyaz Ismayilov, while a member of the Board Dilara Babayeva became Deputy Chairwoman of the insurance company.
Thus, the Board along with the Chairman of the Board Mursal Rustamov includes five other persons.
JSC Pasha Hayat Sigorta has been operating since 14 February 2011. According to the Association of Insurers of Azerbaijan (AIA), in January, it collected 7.1 million AZN and paid out 1.8 million AZN. --17D-
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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