Registry of Foreign Insurance Brokers Supplemented
The State Insurance Supervision Service of the Ministry of Finance of AR expanded the roster of foreign insurance, reinsurance and brokerage companies.
According to the State Insurance Supervision Service, the registry of foreign brokerage firms added another organization - Reunion AG (Switzerland). Thus, the total number of foreign brokerage firms on the roster has reached 69.
According to the law "On insurance" the State Insurance Supervision Service established a register of rated foreign insurance, reinsurance and brokerage companies, with which Azerbaijani insurers are advisable to carry out insurance, reinsurance and brokerage operations. --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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