On 4 February the Tariff Council (TC) of the country approved the list prices for 600 drugs. They are listed on the TC’s website (http://tariff.gov.az). The regulation of prices has been lasting for months, and up to now has been approved by the price of 5651 drugs , of which 3711 are sold at approved prices. New prices for the rest of the drugs will come into force on 25 February, the report said. On approval of the TC, the price for 20% of medicines are reduced by to times, by 8% - by three times. In general, for 60% drugs prices have fallen.
In practice, these solutions are not confirmed. Thus, many drugs simply disappear from the market, and some become more expensive, despite the decisons of the TC. The order to low the prices was given by the president of the country. -02D-
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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