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State Committee for Securities holds Board Meeting

03 November 2011 10:44 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. State Committee for Securities held Board Meeting on outcomes of 9 months of 2011.

Committeeâ€™s chairman Rufat Aslanli noted that, the restoration processes after crisis were characterized with the low growth rates during January-September, 2011. Speaking about continuation of insufficiency of domestic demand, high jobless, sovereign debt and budget consolidation problems Aslanli noted that, increasing inflation inclinations were main factors influencing the economic growth rate.

He also noted that, according to IMF forecasts, the growth in developed countries would be 1.6%, 6.4% in developing countries and 4% in the world.

He spoke about the development of Azerbaijanâ€™s economy and noted that, the growth was supported by mainly 8.2%-development of non-oil sector. Besides, the investment in non-oil sector increased by 28.8%, during the same period.

Noting importance of capitalization in all spheres chairman said that, securities market had also important mission. Aslani noted that, security market develops dynamically and president had signed order on extension of financing opportunities of private sector and provision of capitalization of economy in May, 2011 and stressed the importance of effective fulfillment of securities market development State Program for 2011-2020.

Thereafter, deputy chairmen of the Committee and head of Committee Apparatus delivered speeches, gave information about the measures taken by structure sections on curations and fulfillment state of their strategic activity plans.

It was noted that, appropriate mechanisms have been formed for effective coordination of the Programâ€™s fulfillment and Coordination Group had been created by the participation of related state bodies. Besides, wide action plans covering 2011-2012 have been prepared for realization of the considered measures during the first stage of the Program.

It was noted that legislative basis has been improved during the reported period for formation of modern stock market, providing wide capitalization opportunities, 13 normative legal documents had been prepared, initiatives on integration of market infrastructure and facilitation of operation had been continued, licensing and regulatory procedures had been coordinated with the international standards.

Finally, chairman of the board R.Aslanli gave tasks on completion of measures considered in the action plans of structure sections on 2011 and on determination of priorities, as well as preparation of action plans.