The Board of Directors of JSC Azmont Bank has appointed Miodrag Radonjic Chief Executive Officer of the bank. His deputy is Kamran Mammadov, the Central Register of Commercial Entities in Montenegro reported.
Miodrag Radonjic before this appointment worked as assistant to the Minister of Finance on the state budget of Montenegro.
The Baku office of Azerbaijan Global Investments did not disclose information about the career of Kamran Mammadov for Turan IA.
The external auditor of the bank is the company Ernst & Young Montenegro.
Recall that the banking license of the Central Bank of Montenegro was given to Azmont Bank in March this year. The shareholder (LLC Azmont Investments) has invested about 12 million Euro in its capital.
Azmont Investments will provide investment support construction of the prestigious seaside resort town Portnovi in Montenegro. The facility will be commissioned in summer 2018. There are also unofficial reports that the bank will serve the project of the Trans Adriatic Pipeline (TAP). -- 08B--
Economics
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Azerbaijan’s economy, which is heavily dependent on oil revenues, faces a stark warning in the 2021 report by Carbon Tracker titled “Beyond the Oil States: The Urgent Need to Reduce Dependence on Oil in the Context of the Energy Transition.” The report ranks Azerbaijan among the most vulnerable oil-dependent countries, placing it in the "5th group" — a category reserved for nations expected to experience a decline in oil and gas revenues exceeding 40% over the next decade. This group includes Angola, Bahrain, Timor-Leste, Equatorial Guinea, Oman, and South Sudan, highlighting shared economic risks for these states.
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Azerbaijan's non-oil and gas exports rose 3.5% year-on-year to $2.8 billion during the first ten months of 2024, the Center for Analysis of Economic Reforms and Communication (CAERC) reported in its November "Export Review."
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Azerbaijan Railways CJSC (ADY) will modify the schedules for commuter and domestic trains in line with the Cabinet of Ministers' decision to adjust work and rest days in November, aiming to ensure safe and comfortable travel during the COP29 event, the company announced.
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In Azerbaijan, the government has increasingly relied on tax exemptions for imported goods as a tool to stabilize domestic market prices. The exemption from the 18% VAT on wheat imports, extended this year, exemplifies this approach. New measures have also been introduced, including tax relief on imports of electric vehicle chargers, while exemptions for high-cost medications are currently under discussion. Notably, defense imports continue to be free from taxes and customs duties.
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