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Review of monetary sector in Azerbaijan (january-june 2015)

Analysis Materials 13 August 2015 16:01 (UTC +04:00)

Azerbaijani President Ilham Aliyev signed a decree on applying the law "On Amendments to the Law "On the Central Bank of Azerbaijan" in June. The amendments envisage the use of a new mechanism for covering the losses of the Central Bank.

According to the changes, after the reserve capital is formed and the annual financial statement is confirmed by the audit report, the available balance of the Central Bank's realized profit is transferred to the state budget.

The loss, formed by the end of the year as a result of revaluating the assets and liabilities in foreign currency and gold on the balance of the Central Bank, will be covered by its own capital reserves.

Another amendment envisages that in case of reducing the assets less than the amount of liabilities, the capital deficit will be repaid in one fiscal year due to the state securities.

According to the law, the Central Bank's capital consists of its share capital and capital reserves. The authorized capital of the Central Bank is set at 50 billion manat. The capital reserves in accordance with the changes in the law must not be less than the authorized capital of the CBA. They are formed by contributions from the profit as of the fiscal year.

Until now, a minimum level of capital reserves was set at 15 percent of the national cash released into circulation.

The Central Bank of Azerbaijan reduced fees for banking services in June while formalizing the consumer loans up to one percent. Such a requirement of the Central Bank has been sent to all banks and other credit institutions.

CBA explains this by a high commission payment in some banks. This ultimately leads to an increase in the effective annual interest rate (FIFD) on consumer credit. Sometimes this exceeds the average FIFD on the banking sector.

The Central Bank of Azerbaijan said that the devaluation of the national currency ensured the sustainable growth of its foreign exchange reserves. Its growth continued in June which was stressed in May for the first time since August 2014.

The foreign exchange reserves, owned by the Central Bank of Azerbaijan (CBA), hit $8.520 billion compared to $8.431 billion as of June 1, $13.758 billion as of January 1, 2015 and $15.193 billion (absolute record) as of Aug. 1, 2014.

The Central Bank's foreign exchange reserves increased by $89.4 billion (1.06 percent). However, they decreased by $5.238 billion (-38.1 percent) in 2015. The currency reserves reduced by $ 6.673 billion (-43.9%) since August 1.

Currency market and manat rate

In early June the dollar rate to manat was close to the level set during the national currency devaluation in February. Thus, according to the Central Bank of Azerbaijan, the official exchange rate as of June 2, 2015 was set at 1.0496 manat to $1. However, the dollar rate to manat decreased in the subsequent days of the month. The official exchange rate on June 29, 2015 was set at 1.0491 manat to $1 amid the collapse of the euro. On the last day of the month, the exchange rate was set at 1.0483 manat per $1.

A rising and falling tendency was typical for the euro rate in June. So, the euro rate as of June 1 was set at 1.1493 manat versus 1.1969 manat on May 18 - the peak of the rate and 1.195 manat per euro on February 21. The rate increased in the subsequent days of the month. The official euro exchange rate as of June 22 was set at 1.1921 manat per euro. Then, the euro rate continues reducing sharply. In the end of the month its rate amounted to 1.1733 manat to euro in the country.

Azerbaijani monetary market

CBA's important objective is to manage the money supply at an adequate macroeconomic and financial stability level, in terms of continuous growth of foreign exchange reserves of the country and increased liquidity of the banking system.

A decrease in the foreign exchange reserves of the country, as well as the CBA decision as of February 16 about holding the exchange rate policy on the basis of the mechanism of the dual currency basket that includes the dollar and the euro, significantly affect the amount of the monetary aggregates in subsequent months

The money supply rate (M2) (cash in circulation (outside banks) and remainders in the domestic currency on accounts of non-financial organizations, financial (excluding credit) organizations and physical entities) decreased by 0.54 percent in June 2015 compared to the last month and by 35.36 percent compared to the same period of 2014, the Central Bank of Azerbaijan's report said.

The money supply rate (M2) amounted to 10.992 billion manat as of June 2015 compared to 11.051 billion manat as of May, 11.004 billion manat in April, 12.493 billion manat in March, 13.607 billion manat in February, 16.236 billion manat in Janaury and $17.005 billion manat as of July 1, 2014, according to the report.

The amount of cash money supply (M0) decreased by 38.5 percent during a year and amounted to 6.356 billion manat compared to 10.335 billion manat as of early July 2014. M0 decreased in June by 2.11 percent compared to May (6.493 billion manat).

As of June 2015, Broad Money Supply (M3) totaled 18.849 billion manat or 8.36 percent less compared to the same period in 2014 (20.569 billion manat) and by 0.62 percent less as of end May 2015 (18.966 billion manat).

The transaction money (M1) decreased by 34.7 percent during a year and amounted to 8.301 billion manat compared to 12.711 billion manat as of June 2014 and reduced by 0.74 percent compared to last month (8.363 billion manat).

Parameters of monetary market, in billion manat:

Volume, Jan.-June

Money mass in extensive understating (М3)

18849,4

Money mass on manat (М2)

10991,8

Cash in manat (М0)

6 355,6

Non-cash in manat

4 636,2

The expanded monetary base in Azerbaijan totaled 7.806 billion manat as of July 1, 2015.

In annual terms, the monetary base in Azerbaijan decreased by 32.6 percent. For comparison, as of June 2014, this figure was 11.581 billion manat. The monetary base reduced by 2.22 percent in Azerbaijan compared to May.

As of July 1, 2015, the monetary base in manat amounted to 7.487 billion manat versus 11.485 billion manat as of July 1, 2014.

In the mentioned period, the volume of money in circulation amounted to 7.084 billion manat, while this figure was 10.906 billion manat as of July 1, 2014.

The ratio of the mass of cash in circulation to the monetary base was 90.8 percent as of July 1, 2015, decreasing by 3.6 percent compared to the same index as of July 1, 2014.

The reserves of Azerbaijani banks hit 718.3 million manat. They increased by 8.3 percent compared to the same period of June 2014 (663.3 million manat).

Azerbaijan's loan market

Azerbaijani banks increased lending to the economy by 21.1 percent in January-June 2015 compared to the same period of 2014, the report said.

The bank lending volume decreased by 0.9 percent in June 2015 compared to the previous month.

As of July 1, 2015, the banks issued loans totaling around 20.288 billion manat, including around 11.519 billion manat (56.8 percent) in national currency and 8.769 billion manat (43.2 percent) in freely convertible currency, the CBA report said.

This ratio hit 73 and 27 percent in January 2015, but 60 and 40 percent accordingly in February, 59.17 и 40.83 percent accordingly in the first quarter.

The banks delivered loans worth 16.754 billion manat (around 12.228 billion manat in national currency and 4.526 billion manat in freely convertible currency) as of June 2014.

Of the total portfolio, borrowings and loans worth 1.338 billion manat (6.6 percent) were overdue.

The share of overdue loans has increased by 52.5 percent compared to the same period of 2014 and 37.12 percent compared to early 2015.

This index was 877.6 million manat (5.24 percent) in January-June 2014.

The statistics of overdue loans does not include similar loans of Aqrarkredit non-banking credit institution.

The volume of short-term loans amounted to 4.450 billion manat (including overdue loans worth 488.3 million manat) as of June 2015 compared to 3.530 billion manat (including overdue loans worth 378.7 million manat) a year earlier. The volume of short-term loans in the economy increased by 26.04 percent in a year.

The volume of long term loans amounted to 15.839 billion manat (including 850.4 million manat worth overdue loans) as of January-June 2015, compared to 13.224 billion manat (including 498.9 million manat worth overdue loans) as of June 2014. The volume of long term loans has increased by 19.8 percent in a year.

The credit portfolio of the state banks in the country hit 7.229 billion manat with the specific weight of 35.6 percent, while private banks issued loans worth around 12.469 billion manat with a specific weight of 61.5 percent.

The remaining 2.9 percent fell to the share of non-bank credit organizations which issued 590.6 million manat, according to the CBA.

Azerbaijani banks increased the consumer lending volume by 15.6 percent in the first half of 2015 compared to the same period of 2014, said the report.

The share of consumer loans in a total volume of the banks' loan investments amounted to 38.9 percent, or 7.88 billion manats (AZN).

For comparison: their share accounted for 40.7 percent, and the amount of issued loans - 6.8 billion manats in January-June 2014.

The trade and services (14.2 percent or 2.89 billion manats) ranked second on the share in the total loan portfolio of banks. The construction and real estate sector (13.8 percent or 2.79 billion manats) ranked third.

Around 10.7 percent of the total volume of lending to the real sector of Azerbaijan was directed to the industry and production. In nominal terms it amounts to 2.17 billion manats.

The share of transport and communication hit 4.4 percent (894.9 million manats), agriculture and processing reached 4.6 percent (937.9 million manats), energy, chemistry, and natural resources - 1.4 percent (280.2 million manats).

The loans given to the population in Azerbaijan's districts totaled 3.31 billion manat as of January-June 2015, or 16.3 percent of the banks' total loan portfolio, the report of the Central Bank of Azerbaijan says.

Almost a third (22.2 percent) of loans or 933.76 million manat given to the population in the regions of the country accounted for the foreign currency. The share of loans in foreign currency in Azerbaijani regions remained almost unchanged compared to the first half of 2014. So, their share hit 21.97 percent or 585.7 million manat in the same period of last year.

The loans worth 16.978 billion manat were delivered in Baku. Here the loans in national currency (manat) amounted to 9.143 billion manat (53.85) percent).

For comparison, the loans amounting to 14.089 billion manat were given in Baku during the same period in 2014, of which 10.148 billion manat (72 percent) accounted for the loans in the national currency.

The average interest rate on loans throughout the country was 13.3 percent in January-June 2015, while in Baku this index stood at 11.8 percent.

The lending volume in the Absheron Economic district totaled 640.9 million manat at an average rate of 19.4 percent.

In other economic districts the lending index was as follows: Aran - 835.2 million manat at a rate of 23 percent, Mountainous Shirvan - 116 million manat at a rate of 23.3 percent, Ganja-Gazakh - 744.85 million manat at a rate of 19.7 percent, Guba-Khachmaz - 263.1 million manat at a rate of 20.8 percent, Lankaran - 293.4 million manat at a rate of 24.1 percent, Shaki-Zagatala - 217.85 million manat at a rate of 22 percent, the Upper Karabakh - 63.8 million manat at a rate of 19.6 percent, Kalbajar-Lachin - 9.4 million manat at a rate of 19.9 percent, Nakhchivan - 125.37 million manat at a rate of 14.5 percent.

The Azerbaijani banks decreased interest rates on loans in local and foreign currency, the report said.

The average rate on bank lending to the economy of Azerbaijan in national currency amounted to 13.98 percent as of June 2015 compared to 14.05 percent in the previous month.

The average interest rate on loans in the same period of 2014 hit 14.13 percent but 13.81 percent as of early 2015.

The average rate on bank lending in freely convertible currency made up 12.47 percent compared to 12.64 percent in the previous month.

The average rate was 14.84 percent in June 2014 but 14.07 percent in early 2015.

The average rate on bank lending to legal entities in national currency amounted to 9.89 percent compared to 9.76 percent in May 2015, 10.89 percent in June 2014 and 9.99 percent as of early 2015.

The average rate on bank lending to corporate clients in freely convertible currency amounted to 8.8 percent compared to 8.81 percent, 10.53 percent and 9.18 percent accordingly.

As of June, the average rate on bank lending to physical entities in national currency amounted to 18.22 percent compared to 18.46 percent in May 2015, 18.04 percent in the same period of 2014 and 18.53 percent in early 2015.

The average rate on bank loans to individual customers in freely convertible currency was 20.58 percent compared to 20.96 percent, 21.43 percent and 21.52 percent in early 2015.

Mortgage lending

The Azerbaijan Mortgage Fund (AMF) under the Azerbaijani Central Bank delivered loans amounting to 56.5 million manat in January-June 2015 or 12 percent less than in the same period of 2014, the report said.

The loans amounting to 9.5 million manat were delivered through AMF in June 2015 or by 18.75 percent more than in the same period of 2014 (8 million manat).

The total amount of refinancing the loans delivered by the banks earlier, hit 37.8 million manat in June 2015, according to the report.

The average amount issued by AMF authorized banks is 40,584 manat (this figure amounted to 39.891 manat in June 2014), the average term of loan issue - 279 months (278 months), the average interest rate is 6.73 percent (versus 6.83 percent in 2014), and the average monthly payment is 297.4 manat (318.6 manat).

Some 4.7 million manat was transferred from the state budget to the AMF in June 2015.

Mortgage loans worth more than 698.78 million manat have been delivered since launching financing through the AMF, including 97.1 million manat in 2014, 112.9 million manat in 2013, 74.77 million manat - in 2012, 95.64 million manat - in 2011, 97.08 million manat - in 2010, 76.9 million manat - in 2009, 70.2 million manat - in 2007 and 5.6 million manat - in 2006.

Currently, the maximum amount of a common mortgage loan through the AMF is 50,000 manat at a rate of 8 percent with a payback period of 25 years. Terms under the social mortgage are 50,000 manat at an annual rate of 4 percent with a payback period of 30 years. The initial payment under a social mortgage is 15 percent, whilst a conventional loan is 20 percent.

Conditions of mortgage lending are as follows: Loans must be issued in Azerbaijani manat and only to Azerbaijani citizens and the mortgage can only be for an apartment or private house.

The volume of mortgage lending must not exceed 80 percent of the market price and the monthly payment must not exceed 70 percent of the debtor's monthly income. It is compulsory to have an agreement on life insurance.

Preferential conditions are granted to family members of war victims, national heroes, internally displaced persons, civil servants with at least a three years' experience, PhDs and those making special contributions to sport as well as to the military with at least a three-year service term. Each family having the right to such a mortgage can only use the opportunity once.

At present, the authorized banks of the Mortgage Fund are 30 banks [some 43 banks operate in the country].

Some 21 insurance companies [their total number is 26] and 16 appraisal organizations are the participants of the mortgage market.

Azerbaijan's banking sector

The economic cycles, seasonal factors and the attitude of investors, dictated by a variety of causes impact on the dynamics of deposits.

As of July 1, 2015, the total amount of bank deposits and deposits of physical and legal entities drawn by the credit organizations of Azerbaijan totaled 18.232 billion manat.

For comparison, as of June 1, 2015, the total amount of deposits in Azerbaijani banks amounted to 18.575 billion manat, as of Jan. - 15.453 billion manat, as of July 1, 2014 - 13.991 billion manat.

As of 2015, around 5.034 billion manat of this amount fell to the deposits in the national currency - manat, including 2.032 billion manat - demand deposits, and 3.002 billion manat - term deposits.

Around 13.198 billion manat of this amount fell to the deposits in the freely convertible currency, including 3.270 billion manat - demand deposits, and 9.927 billion manat - term deposits.

Thus, as of July 1, some 27.6 percent of the total deposit base of banks accounted for the deposits in manat, 72.4 percent in foreign currency.

For comparison, as of 2014, the deposits in national currency amounted to 7.743 billion manat, of which 2.734 billion manat - demand deposits, 5.009 billion manat - term deposits. The deposits in foreign currency hit 7.709 billion manat, of which 1.798 billion manat - demand deposits, 5.911 billion manat - term deposits.

The volume of deposits in manat increased by 1.55 percent, deposits in foreign currency decreased by 3.37 percent in June. So, as of June 1, the deposits in manat hit 4.957 billion manat, but 13.658 billion manat - freely convertible currency.

In May, the volume of deposits in manat reduced by one percent, deposits in foreign currency decreased by 1.19 percent.

So, as of May, the deposits in manats amounted to 5. 007 billion manat, 13.824 billion manat - freely convertible currency.

The bank deposits in manat reduced by 9.73 percent in April, while deposits in foreign currency increased by 6.56 percent. In other words, the tendency of withdrawing money from the deposit accounts continued in June as in May. The money was transferred to the foreign currency accounts.

An increase in the share of deposits in foreign currency observed in February-April was caused by the devaluation of the national currency. Thus, according to the Board of Directors of the Central Bank of Azerbaijan as of February 21, 2015, the official exchange rate as of February 21, 2015 was set at 1.05 manat. For comparison: the rate of the manat versus the US dollar was 0,7844 AZN / USD on February 15.

As of June 2015, the volume of physical entities' deposits in the country's banks increased by 13.9 percent and amounted to 7.654 billion manat. For comparison, as of early July 2014, the figure was 6.721 billion manat.

According to the Central Bank, some 2.180 billion manat (28.5 percent) of funds were placed by the population in the national currency, 5.474 billion manat (71.5 percent) - in freely convertible currency.

Some 60.05 percent of the population's funds were invested in banks in manat in January 2015 and the rest amount in foreign currency. A tendency of prevailing the population's cash deposits in banks in the national currency over the foreign currency deposits has been observed in Azerbaijan since 2012. So, as of 2014, some 4.422 billion (61.5 percent) of funds were placed in the national currency, 2.766 billion manat - in freely convertible currency.

As of June 2015, the volume of deposits of financial organizations amounted to 5.714 billion manat compared to 4.091 billion manat as of June 2014. The volume of deposits of non-financial organizations totaled 4.864 billion manat compared to 3.179 billion manat in the same period of 2014.

The total volume of deposits of legal entities totaled 10.578 billion manat or by 45.5 percent more than as of June 1, 2014 (7.271 billion manat).

The population's deposits, attracted to Azerbaijan's banking system from the country's districts (except for Baku), totaled 588 million manat in January-June 2015, or 7.7 percent of the total bank deposits.

The volume of deposits in Baku was 7.066 billion manat, while some 1.872 billion manat accounted for the deposits in the national currency.

After the devaluation of the manat by almost 34 percent on February 21, a tendency of reducing the amount of deposits in the banking system was observed. During June, the portfolio of bank deposits of the population living in regions of the country declined by 1.53 percent.

As opposed to Baku, most of the population in the regions of the country still keeps its funds in manat. Thus, in the reporting period, the volume of savings of the inhabitants of the regions in foreign currency amounted to 279.7 million manat (47.57 percent of total deposits in the regions).

The bank deposits in foreign currency have gradually increased outside the capital since the beginning of the year. The volume of bank deposits of the population in foreign currency in the regions of Azerbaijan increased by 6.67 percent.

In this period, the average interest rate throughout the country hit 8 percent and in Baku - 8.1 percent.

Thus, the Absheron economic region is still the leader on such indices as attracting the population's deposits by the banks (180.9 million manat, average rate - 8.7 percent per annum).

During this period, the volume of deposits in the Aran economic region - 93.53 million manat at a rate of 6.3 percent, Mountainous Shirvan - 13.99 million manat at a rate of 7.1 percent, Ganja-Gazakh - 134.6 million manat at a rate 7.8 percent, Guba-Khachmaz - 39.5 million manat at a rate of 7.0 percent, Lankaran - 40.4 million manat - the rate of 7.6 percent, Sheki-Zagatala - 38.7 million manat - the rate of 6.1 percent, Upper Karabakh - 20.2 million manat - 4.4 percent, Kalbajar-Lachin - 2.65 million manat - 5.9 percent, Nakhchivan - 23.6 million manat - the average rate of 4.6 percent.

The Azerbaijani banks increased interest rates on deposits both in national and foreign currency in June 2015, the report said.

The average rate on deposits in manat as of July 1, 2015 made up 8.86 percent compared to 8.81 percent in May, 8.82 percent in April, 8.99 percent in March, 8.95 percent in February, 8.82 percent in January, 8.86 percent in early 2015.

The average rate on deposits in foreign currency amounted to 8.47 percent versus 8.38 percent in May, 8.31 percent in April, 8.75 percent in March, 8.73 percent in February, 8.93 percent in January, 9.24 percent in early 2015.

As of July 1, 2015, the average interest rate on deposits of physical entities in manat made up 9.7 percent, while it was 9.66 percent in May, 9.58 percent in April, 9.71 percent in March, 9.64 percent in February, 9.41 percent in January, 9.45 percent in early 2015.

The average rate on deposits of individual customers in foreign currency amounted to 9.48 percent versus 9.50 percent in May, 9.51 percent in April, 9.62 percent in March, 9.57 percent in February, 10.05 percent in January, 9.78 percent in early 2015.

The average rate on deposits of legal entities in manat made up 6.50 percent in early July 2015 versus 5.95 percent in May, 5.88 percent in April, 5.85 percent in March, 5.78 percent in February, 5.66 percent in January, 5.51 percent in early 2015.

The average rate on deposits of corporate clients in foreign currency amounted to 4.13 percent versus 4.03 percent in May, 3.93 percent in April, 4.31 percent in March, 4.34 percent in February, 4.36 percent in January, 6 percent in early 2015.

There were 45 banks in Azerbaijan: 43 commercial banks and 2 state-owned banks as of the second quarter of 2015. There are 23 banks with foreign capital. The share of foreign capital ranges from 50 to 100 percent in eight of them, while up to 50 percent in 13 banks. There are also two local branches of foreign banks.

Payment card market

The number of payment cards in Azerbaijan increased by 1.4 percent in June 2015 and hit 6.09 million units compared to the same period of 2014, according to the report.

Some 4.84 million units of the total number of cards were debit cards, in particular, 2.48 million - social cards, 1.45 million - salary cards, 907,000 - other cards. The number of credit cards was 1.24 million units.

The total turnover on payment cards via ATMs and POS-terminals amounted to 985 million manat (1.55 percent growth during a year) and the total number of transactions - 6.95 million units or by 8.5 percent more than in the same period of 2014, according to the report.

The number of transactions on debit cards equaled 5.47 million units totaling 806 million manat.

Of the total number of transactions, around 4.17 million transactions amounting to 717 million manat were implemented on debit cards via ATMs within the country, and around 319,000 transactions amounting to 52 million manat via POS-terminals.

Some 1.48 million transactions worth 179 million manat were made on credit cards in June 2015.

As many as 426,000 transactions worth 93 million manat, of the total number of transactions on credit cards, were implemented via ATMs and there were 563,000 transactions worth of 38 million manat via POS-terminals.

As of July 1, 2015, around 2,703 ATMs operated in the country of which 1,530 are located in Baku and 1,173 in other cities and regions of the country. Their total number increased by 227 units or 9.2 percent during a year compared to June 2014.

As of late 2015, the number of POS-terminals amounted to 78,264 units of which 49,438 are installed in Baku and 28,826 units in other cities and regions.

The number of POS-terminals increased by 25,851 units or 49.3 percent during the year.

Stock market

The total turnover of exchange transactions on all instruments on Baku Stock Exchange increased by 14.8 percent and hit 6.787 billion manat in January-June 2015 compared to the same period of 2014.

The volume of state securities market totaled 17.5 million manats (decreased by 27 times), while the turnover of corporate securities market equaled 1.241 billion manats (increased by 3.9 percent) during the reporting period.

The volume of derivatives market stood at 5.282 billion manats.

Trade with derivatives accounted for major part (77.82 percent) of the stock market turnover.

The Baku Stock Exchange started to trade derivatives on a commodity basis on July 21, 2014.

The margin trading allows investors to buy and sell securities and financial instruments purchased from a broker under special conditions due to a temporary trading limit.

Comparative table on the results of trades on the state and corporate sectors at BSE:

Market segments

Jan.-June 2015

Jan.-June 2014

Volume of transactions, AZN

Number of transactions

Volume of transactions, AZN

Number of transactions

State securities market

17 459 725,71

9

472 583 661,22

84

State bonds of finance ministry

17 459 725,71

9

60 680 893,66

27

State bonds of finance ministry (initial placement)

0

0

47 947 792,76

18

State bonds of finance ministry (secondary market)

17 459 725,71

9

12 733 100,90

9

Notes (Central Bank)

0

0

411 902 767,56

57

Notes (Central Bank) - (initial placement)

0

0

109 089 228,61

35

Notes (Central Bank) -(secondary market)

0

0

302 813 538,95

22

Market of shares

136 802 912,08

2068

733 610 123,83

2728

shares (initial placement)

133 686 472,35

101

731 524 208,60

561

shares (secondary market)

3 116 439,73

1967

2 085 915,23

2167

Debt market

1 240 700 392,15

420

1 192 512 688,34

193

Mortgage bonds

(initial placement)

21 180 671,00

6

40 240 000,00

20

Mortgage bonds (secondary market)

1 060 260 363,74

124

309 271 243,44

60

Corporate bonds

(initial placement)

12 984 004,95

45

778 278 580,14

33

Corporate bonds

(secondary market)

146 275 352,46

245

64 722 864,76

80

- including market makers

158 520 382,89

178

74 455 356,71

69

Repo transactions

110 620 218,64

95

3 512 444 638,53

287

Repo transactions with the Central Bank

32 217 600,76

30

1 803 653 833,93

137

Other repo transactions

78 402 617,88

65

1 708 790 804,60

150

Derivatives market

5 281 831 619,56

33498

0.00

0

- With currency

5 206 201 254,47

29610

0

0

- With goods

75 630 365,09

3888

0

0

Total

6 787 414 868, 14

36 090

5 911 151 111,92

3292

The State Securities Committee has summed up its activity in the first half of 2015. Thus, at the board meeting, Rufat Aslanli, the chairman of the State Securities Committee, stressed a 20 percent increase in the volume of transactions on the stock market.

The board also called the implementation of the law on the securities market, recently signed by Azerbaijani President Ilham Aliyev, as a priority of the committee.

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