On January 13 the authorities shurply tightened restrictions on duty-free imported goods. Thus, on October 22, the head of state issued an order according to which the ceiling for duty-free goods was raised to $10,000. From now on, this amount is limited to $1,000. Corresponding changes have been made to the Decree No. 656 of 22 October 2015, said the press service of the head of state. Three months ago, when Decree 656 was issued, the government presented it as a struggle against monopolies and corruption, supporting small and medium-sized businesses.
The authorities do not explain this impulsive step and return to the previous situation. In practice, this means that individuals will be forbidden to bring any significant volumes of certain goods. At the same time, it creates opportunities for corruption in customs. -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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