WB: Azerbaijan Region's leader in Financial Reforms
Angela Prigozhina, who leads the WB financial as well as sector are employed the South Caucasus, announced in regards to this in Baku last month 17, adding that another proof Azerbaijan’s reforms in the financial sector may be the launch of the information system printed in fairly short period of time.
“Azerbaijan, for a very short time period, has managed to hold large-scale reforms to formulate capital market. During this time period, much is done, in the progression of legal framework for the launch with this system today, that can give impetus to help expand expansion of the country’s capital market, its transparency and openness,” she added.
Prigozhina said the administrative centre market development will open the Azerbaijani financial sector choosing investments, such as foreign ones. Azerbaijani companies may also be competent to enter in the international capital markets.?The Bank’s official further added that this WB will keep providing an assistance to Azerbaijan in conducting reforms in the financial sector.
“We are going to continue assisting the Azerbaijani government in reforming the financial sector to make it more stable, transparent and exposed to foreign investors. It is necessary the financial sector of Azerbaijan for being utilized in the international overall economy for providing a support into the economic reforms near you aimed at supporting the non-oil sector,” she stated.
Unified system launched
A ceremony of launching the integrated trade, post-trade and surveillance system for the Azerbaijani Capital Markets happened along at the Azerbaijani State Securities Committee on February 17.
The system began as part of improving Azerbaijan’s capital markets and often will enable to strengthen the power over the transactions, unify the whole process of receiving reports regarding the conducted transactions within the professional market participants preventing possible manipulation and dissemination of insider home elevators the market industry.
The test operate on introducing the software program, and also trainings for local specialists and participants in the exchange, who will utilize this system, were recently conducted.?In March 2011, the earth Bank approved credit worth $12 million to Azerbaijan to the implementation from the ‘Modernization of capital markets’ project.
In January 2015, the Korea Currency markets won a tender announced by Azerbaijan’s State Securities Committee on supply and installing human resources of the capital market contained in the modernization and automation in the infrastructure of your capital market, that is certainly being implemented based on the joint ‘Modernization on the capital market’ project of the planet Bank. The fee for the contract was roughly $5.5 million.
The sum total of your ‘Modernization within the capital market’ project is $15.8 million. Form World Bank, the State Secretariat for Economic Affairs of Switzerland (SECO) allocated a grant worth $1.Six million and the Azerbaijani government – $ 2.Two million for your implementation of your project.?Human resources have four subsystems: trading platform, clearing and settlement system, depository information system as well as the subsystem of treatments for the market.