The Central Bank of Azerbaijan (CBA) plans to carry out measures to develop the market, protect investors' rights and regulate investment operations, the head of the CBA's prudential policy department Arif Jalilov said, AzVision.az reports.
According to Jalilov, after the powers of the abolished Chamber for Supervision of the Financial Market of Azerbaijan, in particular, the capital market, were transferred to the CBA, the regulator immediately adopted a plan for the development strategy of the securities market.
"This project covers the period until 2023. In this regard, work is being carried out in three areas - regulation of the legal framework of the capital market, improvement of the operational infrastructure, and support of the capital market (both issuers and investors). In all these areas, appropriate measures are being taken," he said.
Jalilov noted that the CBA has done extensive work since 2019 to improve the rules for issuing bonds, making it easier to issue them.
"In addition, last year a differential approach was applied to payment for the services of the National Depository Center (NDC), that is, interest rates were reduced for investment companies listed on the Baku Stock Exchange. This was our signal to the securities market in the area of transparency. In addition, this year, the base for investment operations was improved, in which solutions for remote opening of client accounts and electronic orders were introduced. This also influenced the development of the investment market in a certain way," he stressed.
According to Jalilov, the process of digitalization and automation in all areas is developing daily, and the regulator is transferring this trend to the capital market.
"Thus, margin trading was improved and loan ratios were adjusted, which positively influenced the protection of the rights of investors and the entire market as a whole. We do not stop at this and in the future, we plan to carry out measures to develop the market, protect the rights of investors and regulate investment operations," Jalilov added.