BAKU, Azerbaijan, April 22. The implementation status of the capital markets development strategy in Azerbaijan last year has been revealed, Trend reports, via the implementation status of the "Financial Sector Development Strategy" for 2024 by the Central Bank of Azerbaijan.
The activities implemented under the capital markets strategy amounted to 69.4 percent of the planned activities, while the delayed activities accounted for 30.6 percent.
Key achievements in this sector were the successful implementation of a sustainable market infrastructure as planned, a significant increase in the level of attracting individuals to the capital market, the successful execution of the Initial Public Offering (IPO) process for the first time in the capital market, the application of digital solutions in the IPO process, and, for the first time, conducting transactions via a mobile application.
The next steps in the capital markets development strategy include revising data disclosure standards, promoting transparency and equal treatment for investors, ensuring the availability of high-quality and comprehensive information for market participants, encouraging bond and stock trading in the secondary market, and revising the legislation on investment funds.
Delayed activities under the capital markets development strategy include the preparation of a draft law on credit rating agencies, the creation of a legislative framework to ensure financing opportunities through venture capital, crowdfunding platforms, and similar mechanisms.
The strategy for high-potential capital markets aims to increase the role of capital markets in the country's financial system and contribute to economic development. The main strategic objectives of the capital markets include developing market infrastructure, strengthening and sustaining market trust, expanding access to markets, and increasing the variety of investment instruments. Additionally, the strategy aims to increase the potential share of capital markets in non-oil GDP from the current 10 percent to 14 percent, raise the volume of investments from the public in capital markets from the current 150 million manat ($88 million) to potentially one billion manat ($590 million), and establish an effective supervisory framework.
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