CBA: Legal Framework For New Financial Instruments To Be Established In Azerbaijan
Date
9/11/2024 3:09:51 AM
(MENAFN- AzerNews)
Fatima Latifova
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The Central bank of Azerbaijan (CBA) plans to establish a legal
framework for new financial instruments as part of the "2024-2026
Financial Sector Development Strategy," Azernews
reports, citing CBA's response to a query from Report.
"According to the strategy, a series of measures are planned to
promote the capital market. In particular, the review and
improvement of the 'Securities Market' law, expanding investors'
access to the market, creating a legal framework for new financial
instruments, and providing incentives for access to capital markets
are planned," the Central Bank's response states.
It is further noted that there are plans to review the
regulatory framework related to issuance and to establish a legal
framework for the protection of investors' rights.
"These changes are aimed at expanding the scope of the market
and increasing the diversity of financial instruments, which should
contribute to the development of a modern capital market offering
more favorable financing opportunities for the real sector of the
economy," the CBA notes.
It should be recalled that the "2024-2026 Financial Sector
Development Strategy" was approved by the CBA Board on January 26
of this year. As a result of the strategy's implementation, the
share of capital markets in the country's non-oil GDP is expected
to increase from the current 10% to 14%, the volume of public
investments in capital markets is projected to grow from 150
million manats to 1 billion manats, and an effective supervisory
framework is expected to be established.
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