The Law on the Securities Market can be passed at the autumn session of Parliament
The draft law "On securities market" is at the stage of coordination of ministries and departments, and I hope he is the submission to the Cabinet of Ministers and the Presidential Administration, will be included in the agenda of the autumn session of the Milli Majlis, the Chairman of the State Committee for Securities Rufat Aslanly told Turan.
Regarding other bills designed to the SSC, with the participation of international experts, Aslanly said that most of them are located in the Office of the President, and some - in the Cabinet of Ministers. These are two bills on amendments to the Civil Code and the amendments to the Code of Administrative Violations. The corporate community is waiting for the adoption of these laws, the third year.
Work on improving the legal framework of the securities market continues, and since the beginning of this year, 10 were approved regulations Aslanly said. - 08B-
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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