Once again, the roster of foreign insurance, reinsurance and brokerage companies constituted by the State Insurance Supervision Service of the Ministry of Finance of Azerbaijan has been expanded.
In particular, the registry of foreign insurance and reinsurance companies has included four organizations - Transatlantic Reinsurance Company (USA), LLC PO Kama RE (Russia), Select Insurance Company Limited (Russia) and Best Meridian Insurance Company (USA). The total number of foreign insurance and reinsurance companies on the roster has reached 147.
In addition, the registry of foreign brokerage firms has included IBS Sigorta ve Reasurans Brokerligi AS (Turkey). The total number of brokerage firms on the roster has reached 69.
The register of civil service is created based on the requirements of the law "On insurance activity." It includes foreign companies said segments rated and is a partner of local insurers. --17D-
Economics
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Azerbaijan has marked a historic milestone in its food trade, recording unprecedented levels of food imports in 2024. According to the State Customs Committee, food imports for the first eleven months of the year rose by 10.8% compared to the same period in 2023, reaching $2.19 billion. This is $213.9 million higher than last year’s figure of $1.98 billion, underscoring a sharp increase in domestic demand.
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In December this year, the State Oil Fund of the Republic of Azerbaijan (SOFAZ) marked its 25th anniversary, highlighting its pivotal role in shaping the country's economy since its establishment in 1999. The milestone was commemorated at a gathering titled "From National Wealth to Sustainable Development" on December 24, attended by SOFAZ staff and key stakeholders.
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The Central Bank of Azerbaijan (CBA) has introduced new 3-qapik coins. Previously, updated coins of 1, 5, 10, 20, and 50 qapik denominations were also issued. According to the bank's press service, the reverse side of the new coin features the emblem of the Republic of Azerbaijan and the year of minting, while other design elements and technical specifications remain unchanged. The new 3-qapik coins will circulate alongside the existing currency.
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Azerbaijani President Ilham Aliyev signed a decree on Monday aimed at improving social welfare, increasing the country’s minimum monthly wage to 400 manats ($235) starting January 1, 2025.
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