Azerbaijani entrepreneurs need to use alternative financial tools – FIMSA (UPDATE)
Details added (first version posted on 12:29)
Baku, Azerbaijan, March 6
By Anvar Mammadov – Trend:
Today Azerbaijani entrepreneurs need to use new financial tools, Executive Director of Azerbaijan’s Financial Market Supervisory Authority (FIMSA) Ibrahim Alishov said at the conference on “Financing through capital markets, listing and investments” in Baku on March 6.
“In this regard the Azerbaijani financial sector is aimed at providing entrepreneurship with access to alternative financial tools,” Alishov said.
“Today, Azerbaijani entrepreneurs resort only to a classic tool, such as bank lending, to expand production or increase working capital,” he said. “It is time to think about alternative tools, moreover, we have the necessary infrastructure.”
He said that presently, more attention should be paid to the development of the securities market for the market to meet the requirements of entrepreneurs.
"The problems of the securities market should be revealed and solved,” he said. “Today, the participation of enterprises in the securities market is very limited. We should gradually change this tendency. For this purpose, the transparency of the companies, as well as corporate governance in the companies should be improved."
Alishov added that FIMSA is currently working to expand entrepreneurs' access to alternative financial tools.
"Derivatives can be cited as an example,” he said. “Frankly speaking, the derivatives market in Azerbaijan is also limited. Only forex operations are conducted there.”
“But there are other tools in the world, namely, futures, options, etc.,” he said. “We think that they should be used and offered for business in Azerbaijan. We are working in this direction, but business should also help us in this issue."