Azerbaijan, Turkey agree to conduct mutual trade in securities

By Azernews

By Ayya Lmahamad

Azerbaijan’s Central Bank (CBA) Chairman Elman Rustamov has said that Azerbaijan and Turkey have agreed to organize mutual trade in securities.

He made the remarks during the discussions on the Azerbaijani 2022 state draft budget at a plenary parliament session on November 16.

Rustamov stated that the CBA is actively cooperating with Turkey's financial infrastructure.

"An agreement was reached that the securities of the Istanbul Stock Exchange will be traded at the Baku Stock Exchange, and vice versa - the securities of Azerbaijan will be traded at the Turkish stock exchange," he said.

Stating that cooperation with large companies continues, the chairman noted that the companies want to issue their securities.

Rustamov also noted the great potential of the insurance market.

"2022 is the year of the beginning of a new socio-economic strategy," he added.

Inflation rate

Rustamov said that the inflation rate will slow down in the country from mid-2022.

Noting that the pressure of external factors on inflation has increased, Rustamov stated that one of the tasks of the CBA is to steadily manage the inflation level.

“The inflation rate will slow down from the middle of 2022. Stabilization of global inflation will reduce its impact on the inflation rate in Azerbaijan,” he said.

Anti-crisis program

Rustamov emphasized that the anti-crisis program, developed under the leadership of President Ilham Aliyev, prevented the recession in the economy in 2020.

He added that this program contributed to the 2021 economic growth.

"The growth has been observed in all spheres this year, except for the construction sector," Rustamov said.

Exchange rate

The chairman said that the exchange rate of the national currency against the U.S. dollar since the beginning of 2021 remained unchanged in Azerbaijan.

He also noted that the monetary base in Azerbaijan has increased since the beginning of the year.

The volume of currency sold at auctions is expected to grow by the end of the year, Rustamov said.

Price hike

Rustamov also noted that the growth of prices for vegetable oil and sugar has accelerated in Azerbaijan.

He noted that the rise in prices of these products was influenced by global demand, increased costs for fuel, fertilizers, and logistics.

"Inflationary expectations in the economy remain at an acceptable level," Rustamov added.