BAKU, Azerbaijan, March 12. A significant initiative has commenced in Azerbaijan to harmonize securities market regulation with international norms and local market demands, said Umeyra Ibrahimova, Director of Capital Market Policy and Regulation Department at the Central Bank of Azerbaijan (CBA), Trend reports.
Speaking at the 12th Caspian International Investment Forum in Baku, Ibrahimova highlighted that capital markets play a key role in the "Financial Sector Development Strategy for 2024-2026," adopted by the CBA.
"The volume of corporate securities market turnover is expected to increase by 135 percent by the end of 2024 compared to 2023, reaching 1.3 billion manat ($764.7 million). A large-scale project has already been initiated to align the securities market legislation with international standards and the needs of the domestic market," Ibrahimova said.
She further pointed out the crucial role that entrepreneurship and the real sector play in keeping the wheels of the economy turning and ensuring its long-term growth.
"Our main goal is to make a positive contribution to the economy by supporting the development of the real sector. We will exert maximum endeavor in this trajectory," added the department head.
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