State Insurance Supervision killed "journalistic duck"
In the registry of foreign insurance and reinsurance companies there is not a specialized structure of the Russian RESO, said the State Insurance Supervision Service under the Ministry of Finance of Azerbaijan.
It is an official denial of the misinformation on the website Virtual Azerbaijan published on September 24. According to colleagues called "investigative journalism," the insurance company owned by a Russian billionaire of Armenian descent has taken the proper niche in the local insurance market.
Turan regularly tracks changes in the registry and reports that the list (http://www.sigorta.maliyye.gov.az/node/22) of foreign insurance and reinsurance companies does not mention a structure with the name of RESO.
For the record - the last Russian insurer LLC SK Master-Garant entered into the register in March this year. The roster has 93 foreign insurers, including 16 representatives of Russia. - 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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