Azerbaijan to Simplify Terms of Expenses

Business Materials 9 December 2006 12:06 (UTC +04:00)

At the beginning of 2007, the Azerbaijan Finance Ministry will issue new state securities in exchange for state premium securities, which sale has been suspended, said Samir Sharifov, Azerbaijan Finance Minister, Trend reports.

He said that state premium securities issue is an obsolete way and since it was considered inefficient, the Ministry suspended the process. The Finance Ministry is interested in the population means into the state securities. Due to that reason a corresponding instrument is expected to be issued by the corresponding state bodies, and first of all with the participation of the State Securities CommitteeРµ the next year, said the Minister.

That will be the securities as well. However the premium system is not interesting. That is an old system that resembles the loan system which existed in USSR. Nobody shows interest in it, said the Minister.

In 2007, the Ministry will create conditions for population participation in dealing with the state securities. It is expected to be done at the expense of the terms of simplification. Presently, the state securities are mainly bought by banks and brokers of the equity market, said Mr. Sharifov.