Shorouk Express
BAKU, Azerbaijan, April 23. The legislation on
investment funds will be revised, Trend reports, via the implementation status of
the “2024-2026 Financial Sector Development Strategy” by the
Central Bank of Azerbaijan.
The next steps to be taken in the capital markets include
revising the standards for data disclosure, promoting transparency
and equal treatment for investors, ensuring the availability of
high-quality and comprehensive information for market participants,
and encouraging bond and stock trading in the secondary market.
Last year, 69.4 percent of the work related to capital markets
under the strategy was completed. The formation of a sustainable
market infrastructure was carried out as planned, the level of
attracting individuals to the capital market was significantly
increased, and the first ICT process was successfully implemented
in the capital market.
The preparation of the draft law on credit rating agencies, the
establishment of a legislative framework to ensure financing
opportunities through venture capital, crowdfunding platforms, and
similar mechanisms, are among the delayed activities.
The strategy for high-potential capital markets aims to increase
the role of capital markets in the country’s financial system and
contribute to economic development. The main strategic objectives
of the capital markets include developing market infrastructure,
strengthening and sustaining market trust, expanding access to
markets, and increasing the variety of investment instruments.
Additionally, the strategy aims to increase the potential share of
capital markets in non-oil GDP from the current 10 percent to 14
percent, raise the volume of investments from the public in capital
markets from the current 150 million manat ($88 million) to
potentially one billion manat ($590 million), and establish an
effective supervisory framework.
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