Insurance companies - members of the Bureau of Compulsory Insurance (BCI) concluded 916,744 agreements on the liability insurance of vehicle owners to third parties in 2012.
According to the report of the Bureau, of these about 225 thousand contracts occurred in transit. As expected, the largest number of vehicles crossing the border, are registered in Turkey, Georgia, Russia and Iran. The share of the four is 79.95% of the total flow of foreign cars.
Table of transit traffic that crossed the Azerbaijan in 2012
Number Country Number of transport units
1 Turkey 73831
2 Georgia 53985
3 Russia 32543
4 Iran 19144
5 Germany 10813
6 Ukraine 7768
7 South Korea 7143
8 Japan 3648
9 USA 2865
10 Belarus 1244
11 Bulgaria 1073
12 Other countries Less than a thousand for every 10 470
Total 224 527
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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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