Baku: The European Bank for Reconstruction and Development (EBRD) issuing bonds in the national currency – manat – for the first time in Azerbaijan, is an important stage in the Bank’s strategic support for Azerbaijan’s capital markets, Mikhail Grechikho, EBRD’s Deputy Director for Bonds, Central Asia, the Caucasus, and Trkiye, said at the ‘Opening Bell’ ceremony held at the Baku Stock Exchange, APA-Economics reports.
According to Azeri-Press News Agency, this step is the result of a long-term partnership. “In recent years, together with the Central Bank of Azerbaijan, we have supported the creation of a legal framework that allows for bond issuance in the local market, the improvement of regulations related to derivatives, and the development of the money market. As a result of this process, the AZIR index was created, and today’s issuance uses that index,” stated Mikhail Grechikho.
M. Grechikho noted that this bond issuance is an important milestone not only for the EBRD but for the entire financial sector. “This issuance is the result of a decade-long cooperation in the development of the capital market and will pave the way for other international financial institutions to issue bonds in Azerbaijani manats in the future,” he added.