The head of the International Bank of Azerbaijan Elmar Mammadov was dismissed today from his post, Turan was told in banking circles. Mammadov headed the interbank market from July 2015. The reasons for the change of leadership is not reported. According to unofficial information, by the decision of the Supervisory Board, he was replaced by Khalid Ahadov, who only a week ago headed Azer Turk Bank. -71D-
Economics
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Azerbaijan Caspian Shipping Company (ASCO) has resumed regular cargo and passenger transportation after severe weather conditions disrupted operations in the Caspian Sea, the company said on Monday.
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Azerbaijan can overcome the so-called "middle-income trap" by increasing investments, improving the investment environment, and enhancing knowledge and skills, Deputy Minister of Economy Samad Bashirli said in Baku at the presentation of the World Bank’s Global Report World Development Report – 2024 (WDR).
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Countries in Europe and Central Asia must not only attract investment but also actively adapt and disseminate technology to ensure sustainable economic growth, according to Ivailo Izvorski, Chief Economist for the region at the World Bank. Speaking at the presentation of the World Development Report 2024, Izvorski highlighted structural issues that are slowing down private sector development.
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Azerbaijan is now among 54 middle-income countries, said Shahmar Movsumov, Head of the Department for Economic Affairs and Innovative Development Policy at the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku.
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