Azerbaijani stock market expects double-digit growth in 2013
Azerbaijan, Baku, Oct. 8 / Trend A. Akhundov /
The Azerbaijani securities market expects a double-digit growth in 2013, chairman of the State Committee for Securities Rufat Aslanli told media on Friday.
"The tendency of previous years shows that the indices of market growth greatly exceed the growth rates of the country's GDP," he said. "Major capitalisation of certain sectors of the economy is expected to occur in 2013. This will be implemented through the stock market. Moreover, operations are underway to finance several projects with the help of debt tools on the capital markets. We expect a double-digit growth of the market rather than one-digit in 2013 on the basis of the preliminary data."
Regarding the institutional and qualitative changes in the market, the committee will focus on the adoption of the new law on the securities market.
"This will open new horizons for the important changes in the functional and operational directions of the capital markets," Aslanli said.
The total turnover of transactions on all instruments at Baku Stock Exchange (BSE) in January-September 2012 amounted to 7.889 billion manat, or 38.83 per cent more compared to the same period last year.
The official exchange rate is 0.7851 AZN/USD as of Oct. 8.