OREANDA-NEWS. May 29, 2009. The State Securities Committee of Azerbaijan is planning to change drastically the situation at the country’s stock market.

At today’s 1st Baku conference of Azerbaijani capital market donors SSC chair Rufat Aslanli claimed that it was expected to permit direct operations at the stock market for the domestic banks.

“A draft document of relevant amendments to legislation has been submitted to the Cabinet Ministers,” Aslanli said.

Earlier the Civil Code was made amendments that banned thre banks to conduct direct operations at the securities market. For that they had to establish specialized companies.

Today plough-back of the country’s capital market is estimated at AZN 3.44 bn that is equivalent to 18% of non-oil gross domestic product of Azerbaijan. But the estimate was carried out not on classic scheme of market price, but on nominal price of issued securities. Simultaneously banks’ assets exceed AZN 8 bn.