Debts market to be set up

The inevitability of the use of promissory notes in resolving the insolvency problems and the need for debts market were discussed Wednesday at the State Committee for Securities (SCS) under the President’s office.

According to a source from the Committee, involved in the discussion were representatives of over 40 ministries, committees, companies, enterprises, organizations, as well as educational and academic institutions. SOCAR president Natiq Aliyev, chairman of the state committee for melioration and water economy A. Ahmadov, etc. emphasized the importance of financial discipline, saying that the Law “On bankruptcy” was not effective enough.

The meeting participants stressed the need for using promissory bills as a financial tool and spoke of international experiences. It was indicated that promissory notes released by such major economic entities as SOCAR, “AzerEnergy”, “AzeriGas”, Railway office, etc. could be more liquid and used in all accounts. The SCS-proposed sample notes were approved of, together with the plan of future measures.*