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Youth Unemployment Growing
The second forum of human resource management is held in Baku. The event is organized by the insurance company Pasha Hayat Sigorta, and the main speaker was the Deputy Minister of Labor and Social Protection of Population Idris Isayev.
According to him, by 1 November the employment agencies were applied for employment by around 190 thousand people, of which 53 thousand were provided with jobs, and 11 thousand received the status of unemployed in the hope of receiving benefits. "By the beginning of the year the most critical state of unemployment was among young people - according to the official data at the beginning of the year, 13.5% of them did not work, and now this figure has grown due to the economic situation - the numbers will be announced at the end of the year," said the deputy minister.
Since January, 339.2 thousand labor contracts have been concluded and 312.6 thousand contracts have been canceled in part due to closure and downsizing. For example, in the construction sphere more than 4 thousand people and in the financial sector 2.7 thousand people have been sacked. --17D-
Economics
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The Central Bank of Azerbaijan (CBA) reported that its foreign exchange reserves amounted to $11.371 billion as of October 31, 2024. This represents a slight reduction of 3.6 percent from the September level, but an 8.2 percent increase compared to October 2023, highlighting the CBA’s role in navigating market demands while supporting national economic priorities.
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A delegation from the State Oil Fund of the Republic of Azerbaijan (SOFAZ), led by the fund’s Executive Director Israfel Mammadov, concluded a working visit to Saudi Arabia. The visit aimed to strengthen strategic partnerships in the international financial market and diversify SOFAZ’s investment portfolio.
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At a press conference on November 1, Taleh Kazimov, Chairman of the Central Bank of Azerbaijan (CBA), described the situation in the foreign exchange market as stable, due in part to the complete fulfillment of demand at CBA’s currency auctions.
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The surplus in Azerbaijan’s current account balance of payments for 2024 is projected at USD 5.3 billion, with an increase to USD 5.5 billion in 2025, according to a statement made by the Central Bank of Azerbaijan (CBA) on November 1.
Bələdiyyə seçkiləri niyə təyin olunmur? – Mirəli Hüseynov Çətin sualda
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