atn-trans.com
In January-June 2016 from the transit of goods along the TRACECA corridor through the territory of Azerbaijan was profited 88.3 million manat, by 22.2 million manat, or 40% more than in the same period of last year. According to the State Statistics Committee, over six months of the year through the territory of the country were transported 3.567.600 tons of cargo, which is by 30% less than in January-June 2015.
Calculation of railway workers and seamen on freight traffic is made in foreign currency, and then income will be converted into the national currency - manat. Due to the high exchange rate difference carriers receive a handsome profit. Therefore, despite the reduction in traffic, carriers incomes in manat increase. 08D
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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