BAKU, Azerbaijan, November 1. One of the key initiatives being implemented by the Central Bank of Azerbaijan (CBA) to increase the depth and diversification of the capital market is the expansion of investment instruments, the CBA said, Trend reports.
The CBA stated that, as another step in this direction, the Central Bank's Board of Directors adopted the "Rules for the issue of mass offering and circulation of investment securities by international organizations in which the Republic of Azerbaijan participates," which went into effect on October 31, 2023.
"These rules were developed taking into account the opinions of international financial organizations and outline the requirements for the registration of securities issuance by these organizations in the local market, disclosure of information, as well as requirements for the placement of securities and making changes to the terms of issuance," the CBA explained.
"Following the implementation of these rules, international organizations are expected to increase the issuance of securities in the local market, support entrepreneurship in Azerbaijan, provide access to long-term, affordable funding resources for small and medium-sized business enterprises (SMEs), and expand the range of liquid securities instruments available in the securities market," the bank added.
SMEs have a leading position in the provision of economic growth and employment in Azerbaijan.
The turnover of SMEs in the country last year increased by 19 percent to 38.8 billion manat ($22.8 billion) compared to 2021.
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