Chairman of Association of Free Economy: "Global crisis on the equity market is not likely to affect Azerbaijan's economy"

The due statement was made by Zohrab Ismail, chairman of the Association of Free Economy.

He explained that our country has not issued stocks, the stocks of Azerbaijani companies are not purchased on the global stock exchanges and, on the whole, Azerbaijan does not have a serious equity market.

He considers that Azerbaijan is too little a state as compared to the global economy and, therefore, our country will not be affected by the events on the global equity markets.

At the same time Z.Ismail considers that AZN exchange rate may rise if the USD rate lowers in the result of the crisis on the global equity market. In this case, the cost of local goods may go up in Azerbaijan.

This might be a result of the maximal reduction of the index of the biggest British companies FTSE 100 on the stock exchanges in Frankfurt, London and Paris for the first time in six years.

According to RIA Novosti, this is the highest decline of the European stock indexes since the terrorist act of September 11, 2001.

The equity market crashed not only in Europe, but also in the United States, Japan and Russia.

/Day.Az/