Volume of Remittances to Azerbaijan Reduced
The volume of remittances to Azerbaijan from abroad reduced last year.
As stated in the report on monetary policy on the website of the Central Bank (CBA), compatriots living abroad, and this is a major slice of this segment, transferred their relatives $ 1 billion 183 million. It's 1.5 times less than the results of 2014, when the citizens of the country through transfers received $ 1 billion 709 million. This figure accurately reflects the decrease in the earnings of Azeri migrant workers residing mainly in the CIS countries and Turkey. --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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