Turnover of Finance within the payment system XOHKS grew by nearly half
The turnover of the national system of large payments (AZIPS) in January-April was 37 billion 30 million manat (+14.8% to 1 May 2012).
According to the Central Bank of Azerbaijan (CBA) within the system there were carried 148 thousand operations (14.7%) with a mean size of large payments 250.2 million manat (0.1%).
The turnover of the national system of small payments (XOHKS) amounted to 4 billion 447 million manats (44.7%) on the results of 8 million 764 thousand transactions (+8.7%) at an average rate of payments at 507.4 manat (+33.1%). - 17D-
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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