President Ilham Aliyev has ordered the application of the Law (passed on February 1, 2017) on Amendments to the Law "On securities market", according to which securities may be re-issued in paper form.
After the entry into force of the law "On the Securities Market" on July 1, 2015 all issuers of documentary securities had to withdraw them from circulation. It is about 20 joint-stock companies, including OJSC International Bank of Azerbaijan. All securities were transferred to the book-entry form and all their issuers concluded depository contracts with the National Depository Center (the only depository of securities).
The causes of change in the in the recently adopted law are not reported. The Financial Markets Supervision Authority did not respond to the written request from Turan IA about it.
Commenting on the changes in the law, a source in a local investment company told Turan documentary securities are in circulation in such neighboring countries as Turkey and Russia, where the stock market is at a higher level of development. The company suggests that these changes have been made primarily to increase investor interest in the corporate bond market. At the same time, experts believe this may be a prerequisite for the formation of shared investment funds in Azerbaijan. ---08B
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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