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Development of securities market in Azerbaijan to be accelerated - expert

Finance Materials 19 October 2020 13:49 (UTC +04:00)
Development of securities market in Azerbaijan to be accelerated - expert

BAKU, Azerbaijan, Oct. 19

By Zeyni Jafarov - Trend:

The financial market’s development differs from that one of the entire economy of Azerbaijan, and finance, as an economic category, is playing an ever-increasing role, Azerbaijani Parliament’s Deputy, economic expert, professor Rufat Guliyev told Trend.

According to Guliyev, the world economy consists of 25 percent of production and services and 75 percent of finance.

"Thus, the financial market plays the main role, despite the fact that finance should serve the production and provision of services, however, the role of financial capital increases threefold," he said.

The MP noted that the economy of Azerbaijan has switched to market model long time ago and the fact that 85 percent of the local products account for the private sector already means a lot of things.

“We would like the financial market in Azerbaijan to develop in parallel with other markets, including the industrial and agricultural ones, but this is worth working on,” he said.

He also stressed that it is especially worth developing the securities market, since this market is of great importance for the financial sector.

“The circulation of securities lags behind in percentage terms relative to the entire economy, GDP and relative to other macroeconomic indicators, and these data are not satisfactory,” the MP added.

"The development of the securities market is proceeding methodically and I believe that namely reaching certain average world standards by Azerbaijan will be a breakthrough in this direction. The tasks set by the government lead to further development and growth, but we are not satisfied with the growth rates, because we want them to be accelerated," Guliyev said.

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