BAKU, Azerbaijan, May 23. A comprehensive project aimed at aligning Azerbaijan’s securities market legislation with international standards and the needs of the local market has officially been launched, said Tarlan Rasulov, Chief Executive Director of the Central Bank of Azerbaijan (CBA), Trend reports.
Speaking at the Financial Investment Forum held in Baku, Rasulov highlighted key statistics regarding the capital markets.
“The total volume of capital market turnover increased 2.6 times in 2024 compared to the previous year, reaching 72.5 billion manat ($42.6 billion). We are also observing a notable rise in the share of corporate bonds. For instance, there was a 62 percent increase in the securities market compared to the same period last year.
As the Central Bank, we are currently taking significant steps toward the implementation of the existing strategy. This includes foundational work on a new legal framework for derivative financial instruments, which will be of interest to both potential issuers and investors. At the same time, we have launched a wide-scale initiative to bring securities market legislation in line with both international standards and the evolving demands of the local market.
Overall, within the past two to three years, the formation of a new paradigm centered around investors and issuers has taken shape. The strategic measures taken by the Central Bank to develop capital markets will elevate this sector to a qualitatively new level, ultimately contributing significantly to Azerbaijan’s economic resilience. As the Central Bank, we will fully mobilize our efforts in this direction,” he said.
The Central Bank (previously known as the National Bank) was founded in the Republic of Azerbaijan by a decree from the President on the 'Establishment of the National Bank in the Republic of Azerbaijan' dated 11 February 1992. A legal framework enables the Central Bank to more effectively fulfill its objectives and functions across all operational domains, delineating its primary responsibilities: formulating and executing monetary and exchange rate policy, overseeing currency circulation, regulating and advancing centralized interbank and other licensed payment systems, and managing gold and foreign exchange reserves.
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