Rufat Aslanly: Global financial crisis has no major impact on Azeri stock market

Rufat Aslanly: Global financial crisis has no major impact on Azeri stock market
# 27 May 2009 13:15 (UTC +04:00)
Baku. Nijat Mustafayev - APA-Economics. Azerbaijan’s stock market is not affected seriously because the channel through which the global financial crisis passes is not wide in the country, said Rufat Aslanly, Chairman of Azerbaijan State Committee for Securities.

According to him, some 50% of the world’s stock markets indices dropped in price over the past 1.5 years.

“This is due to the decrease in market capitalization and number of transactions. In this way, major operations suffer loss and small operation gain,” he added.

He added that Azerbaijan’s foreign borrowings accounted for less than 1% of the monetary funds in the county last year.

“Our foreign exchange reserves are approximately twice the external debt. It is for these reasons that the financial crisis didn’t seriously affect the economy, including the securities market,” he added.
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