Azerbaijan has advantage in placing securities abroad: head of state committee

Azerbaijan, Baku, Nov. 13 / Trend , N.Ismayilova/

Azerbaijan has sufficient advantages in comparison with the countries that compete with it in attracting funds from investors through offering securities on the international capital markets, chairman of the State Committee for Securities Rufat Aslanli said today.

"At present the yield on the world financial markets, namely the interest rates are very low, so joining the market will bring cheaper resources," said Aslanli. "Azerbaijan, according to the assigned ratings and the size of the economy and the fiscal parameters, has certain advantages."

He said the State Committee conducted a study which showed that when compared with competing countries, Azerbaijan has advantages such as macroeconomic stability, a stable international position and the positive economic dynamics.

"In addition, if the ratings of the majority of countries able to compete with Azerbaijan have been revised downward, or have a negative outlook, the ratings would remain unchanged in Azerbaijan," said Aslanli.

He said these advantages offer an opportunity for Azerbaijan to receive investments from the placement of securities in international markets, which also suggests the possibility of raising funds on the most favorable interest rates.

"The country's budget deficit in 2010 was laid at 3.9 percent of GDP, which is a very small number, so I think that the placement of securities abroad will not be on a large scale," he said.

Aslanli said despite the crisis, global financial markets experienced an increase for 8 months. The lowest level of the financial market was marked in March, after which all the stock indexes rose by 60-65 percent.

"At present Asian, European and American countries access financial markets with a view to distribute securities, and investors today see more risk in corporate bonds and equities, and therefore more likely invest in these instruments," said the head of the State Committee.

Earlier, the primary output is expected to reach $300 million, which was later revised upwards to $500 million.

Deutsche Bank AG London and Citigroup Global Markets Limited are selected by the managers of the government to implement the first issue of Eurobonds.

On Nov. 13, the official exchange rate is 0.803 manat to $1.

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