Azerbaijan expected to increase stock tools

Business Materials 15 September 2011 17:30

Azerbaijan, Baku, Sept.15 / Trend, A.Akhundov /

The Baku Stock Exchange (BSE) plans to introduce a new tool related to corporate securities on the Azerbaijani stock market.

"At present, we are working over creating corporate repo market," BSE board chairman Khayal Abdinov said.

He said by late 2011 it is planned to finalize all technical moments to launch the tool from 2012.

Azerbaijani corporate securities market continues to demonstrate a growth dynamic, which exceeds economic growth in general, and a growth of financial sector. Turnover on corporate securities in January-August 2011 increased by 1.4 times, compared to the similar period of 2010, and hit 389.1 million manat. It is due to a growth in volume of transactions with corporate bonds at 1.75 times.

Abdinov also said number of members of the BSE may increase in 2012.

At present, the BSE has 16 members.

The BSE has 19 shareholders at present, taking into account the Istanbul Stock Exchange.

The official exchange rate is 0.7867 to $1 on Sept.15.