{"id":82847,"date":"2020-09-21T04:29:03","date_gmt":"2020-09-21T04:29:03","guid":{"rendered":"https:\/\/zergerler.az\/?p=82847"},"modified":"2020-11-03T04:39:37","modified_gmt":"2020-11-03T04:39:37","slug":"qiym%c9%99tli-kagizlar-bazari-yenid%c9%99n-canlanir","status":"publish","type":"post","link":"https:\/\/zergerler.az\/?p=82847","title":{"rendered":"Qiym\u0259tli ka\u011f\u0131zlar bazar\u0131 yenid\u0259n canlan\u0131r"},"content":{"rendered":"

\u00d6lk\u0259 iqtisadiyyatlar\u0131n\u0131n inki\u015faf\u0131n\u0131 \u015f\u0259rtl\u0259ndir\u0259n vacib elementl\u0259rd\u0259n biri iqtisadi subyektl\u0259rin maliyy\u0259 resurslar\u0131na \u00e7\u0131x\u0131\u015f\u0131n\u0131n asanla\u015fd\u0131r\u0131lmas\u0131 v\u0259 resurslar\u0131n diversifikasiya edilm\u0259kl\u0259 istifad\u0259sind\u0259 s\u0259m\u0259r\u0259liyin art\u0131r\u0131lmas\u0131d\u0131r. Bu bax\u0131mdan, kapital resurslar\u0131n\u0131n iqtisadiyyat\u0131n m\u00fcxt\u0259lif sah\u0259l\u0259rind\u0259 effektiv istifad\u0259si iqtisadi art\u0131m\u0131 \u015f\u0259rtl\u0259ndir\u0259n \u0259sas amill\u0259rd\u0259ndir v\u0259 bu resurlaslar\u0131n \u0259ld\u0259 edilm\u0259sind\u0259 qiym\u0259tli ka\u011f\u0131zlar bazar\u0131n\u0131n rolu dan\u0131lmazd\u0131r.<\/span><\/p>\n

D\u00fcnya s\u0259viyy\u0259sind\u0259 maliyy\u0259 bazarlar\u0131n\u0131n t\u0259rkib hiss\u0259si olan qiym\u0259tli ka\u011f\u0131zlar bazar\u0131n\u0131n h\u0259cmi g\u00fcn ke\u00e7dikc\u0259 artmaqdad\u0131r. Haz\u0131rda bu bazarlarda ticar\u0259t olunan qiym\u0259tli ka\u011f\u0131zlar\u0131n h\u0259cmi trilyonlarla AB\u015e dollar\u0131 h\u0259cmind\u0259dir. Sad\u0259c\u0259 AB\u015e-\u0131n s\u0259hm bazar\u0131n\u0131n \u00fcmumi d\u0259y\u0259ri 30 trilyon AB\u015e dollar\u0131, istiqraz bazar\u0131n\u0131n \u00fcmumi d\u0259y\u0259ri is\u0259 40 trilyon AB\u015e dollar\u0131 h\u0259cmind\u0259dir. Sual oluna bil\u0259r ki, investorlar\u0131 v\u0259 emitentl\u0259ri (istiqraz buraxan t\u0259r\u0259f) bu bazarlara c\u0259lb ed\u0259n \u0259sas amill\u0259r hans\u0131lard\u0131r?<\/span><\/p>\n

Bu n\u00f6v bazarlar\u0131n investorlar \u00fc\u00e7\u00fcn \u0259sas \u00fcst\u00fcnl\u00fckl\u0259rind\u0259n biri likvid bazarlar olmas\u0131d\u0131r. Y\u0259ni, investisiya etdiyiniz kapital h\u0259r hans\u0131 \u0259mlaka deyil qiym\u0259tli ka\u011f\u0131za yat\u0131r\u0131l\u0131r v\u0259 investor pula ehtiyac duyduqda qiym\u0259tli ka\u011f\u0131z\u0131 \u0259n q\u0131sa zamanda birjada sata bilir. Bundan \u0259lav\u0259, qiym\u0259tli ka\u011f\u0131z fiziki olaraq amortizasiya olunmur, eyni zamanda onun saxlanmas\u0131 \u0259lav\u0259 x\u0259rc t\u0259l\u0259b etmir. Dig\u0259r t\u0259r\u0259fd\u0259n, \u0259linizd\u0259 olan qiym\u0259tli ka\u011f\u0131z\u0131 t\u0259minat kimi bankdan kredit g\u00f6t\u00fcrd\u00fckd\u0259 istifad\u0259 ed\u0259 bilirsiniz.<\/span><\/p>\n

Qiym\u0259tli ka\u011f\u0131z burax\u0131l\u0131\u015f\u0131n\u0131n \u015firk\u0259tl\u0259r\u0259 verdiyi \u00fcmumi \u00fcst\u00fcnl\u00fckl\u0259r is\u0259 \u015firk\u0259tl\u0259rin \u00f6lk\u0259, regional v\u0259 ya d\u00fcnya maliyy\u0259 bazarlar\u0131nda tan\u0131nmas\u0131, h\u0259m\u00e7inin maliyy\u0259l\u0259\u015fm\u0259 imkanlar\u0131n\u0131 geni\u015fl\u0259ndirm\u0259kl\u0259 f\u0259aliyy\u0259tl\u0259rinin s\u0259m\u0259r\u0259liyini art\u0131rmaqd\u0131r.<\/span><\/p>\n

Qiym\u0259tli ka\u011f\u0131zlar bazar\u0131n\u0131n inki\u015faf\u0131nda 3-c\u00fc t\u0259r\u0259f kimi d\u00f6vl\u0259tin rolunu qeyd etm\u0259k vacibdir. D\u00f6vl\u0259t maliyy\u0259 bazarlar\u0131n\u0131 inki\u015faf etdirm\u0259kl\u0259 \u015f\u0259ffafl\u0131\u011f\u0131n v\u0259 qeyri-neft sektorunun art\u0131m\u0131na, habel\u0259 sahibkarl\u0131q f\u0259aliyy\u0259tinin inki\u015faf\u0131na m\u00fcnbit \u015f\u0259rait yarad\u0131r. Bu m\u0259nada d\u00fcnya praktikas\u0131nda ilkin k\u00fctl\u0259vi istiqraz t\u0259klif ed\u0259n \u015firk\u0259tl\u0259r\u0259 d\u00f6vl\u0259t t\u0259r\u0259find\u0259n m\u00fc\u0259yy\u0259n g\u00fcz\u0259\u015ftl\u0259r t\u0259tbiq olunur.<\/span><\/p>\n

\u00d6lk\u0259mizd\u0259 h\u0259yata ke\u00e7iril\u0259n davaml\u0131 v\u0259 dayan\u0131ql\u0131 iqtisadi siyas\u0259tin t\u0259zah\u00fcr\u00fc kimi kapital bazarlar\u0131n\u0131n \u0259h\u0259miyy\u0259tli rolunu g\u00f6st\u0259rm\u0259k olar. Bel\u0259 ki, d\u00f6vl\u0259tin h\u0259yata ke\u00e7irdiyi maliyy\u0259 siyas\u0259tinin t\u0259rkib hiss\u0259si olan qiym\u0259tli ka\u011f\u0131zlar bazar\u0131n\u0131n inki\u015faf\u0131 maliyy\u0259 al\u0259tl\u0259rinin m\u00fcxt\u0259lifliyini v\u0259 maliyy\u0259 bazarlar\u0131n\u0131n d\u0259rinliyini t\u0259min etm\u0259kl\u0259 qeyri-neft sektorunun \u0259hat\u0259sini geni\u015fl\u0259ndirir.<\/span><\/p>\n

Haz\u0131rda d\u00f6vl\u0259t v\u0259 qeyri-d\u00f6vl\u0259t sektorunda f\u0259aliyy\u0259t g\u00f6st\u0259r\u0259n \u015firk\u0259tl\u0259rin qiym\u0259tli ka\u011f\u0131zlar bazar\u0131na olan mara\u011f\u0131 g\u00fcn ke\u00e7dikc\u0259 art\u0131r. M\u0259s\u0259l\u0259n, s\u0259hml\u0259ri d\u00f6vl\u0259t\u0259 m\u0259xsus\u00a0\u201cAzerGold\u201d Qapal\u0131 S\u0259hmdar C\u0259miyy\u0259tinin\u00a0\u00a0istiqraz qiym\u0259tli ka\u011f\u0131zlar\u0131n\u0131n ilkin k\u00fctl\u0259vi t\u0259klif \u00fcsulu il\u0259 yerl\u0259\u015fdirilm\u0259si buna bariz n\u00fcmun\u0259dir.<\/span><\/p>\n

Qiym\u0259tli metallar\u0131n hasilat\u0131 sah\u0259sind\u0259 qeyri-neft s\u0259nayesinin liderl\u0259rind\u0259n biri olan \u201cAzerGold\u201dun t\u0259klif ed\u0259c\u0259yi istiqrazlar \u015firk\u0259tin maliyy\u0259 m\u0259nb\u0259l\u0259rinin \u015fax\u0259l\u0259ndirilm\u0259sin\u0259 v\u0259 resurslar\u0131n yeni layih\u0259l\u0259rin icras\u0131na y\u00f6n\u0259ldilm\u0259sin\u0259, \u00f6lk\u0259nin qiym\u0259tli ka\u011f\u0131zlar bazar\u0131n\u0131n inki\u015faf\u0131na, el\u0259c\u0259 d\u0259 v\u0259t\u0259nda\u015flara m\u0259nf\u0259\u0259tli v\u0259 etibarl\u0131 investisiya imkanlar\u0131 yaratma\u011fa xidm\u0259t ed\u0259c\u0259k. Bu da \u00f6z n\u00f6vb\u0259sind\u0259 koronavirus pandemiyas\u0131n\u0131n d\u00fcnya iqtisadiyyat\u0131na m\u0259nfi t\u0259sirl\u0259ri fonunda az riskli, y\u00fcks\u0259k g\u0259lirli qazanc \u0259ld\u0259 etm\u0259k f\u00fcrs\u0259ti ver\u0259c\u0259k. \u00dcst\u0259lik, v\u0259t\u0259nda\u015flar\u0131n \u2013 fiziki v\u0259 h\u00fcquqi \u015f\u0259xsl\u0259rin \u201cAzerGold\u201d istiqrazlar\u0131 il\u0259 milli iqtisadiyyat v\u0259 da\u011f-m\u0259d\u0259n s\u0259nayesinin t\u0259r\u0259qqisin\u0259 t\u00f6hf\u0259 verm\u0259k kimi bir \u015fans\u0131 yaranacaq.<\/span><\/p>\n

\u0130st\u0259r institusional (banklar, s\u0131\u011forta \u015firk\u0259tl\u0259ri, investisiya \u015firk\u0259tl\u0259ri), ist\u0259rs\u0259 d\u0259 f\u0259rdi investorlar (fiziki \u015f\u0259xsl\u0259r) ilkin k\u00fctl\u0259vi t\u0259klif olunan bazardan \u201cAzerGold\u201d istiqrazlar\u0131n\u0131 almaqla illik 4% g\u0259lir \u0259ld\u0259 ed\u0259c\u0259kl\u0259r. \u0130stiqrazlar\u0131n nominal d\u0259y\u0259rinin 100 AB\u015e dollar\u0131, m\u00fcdd\u0259tinin 3 illik, h\u0259cminin is\u0259 20 000 000 AB\u015e dollar\u0131 olmas\u0131 g\u00f6zl\u0259nilir. \u0130stiqrazlar\u0131n sat\u0131\u015f\u0131 Bak\u0131 Fond Birjas\u0131nda h\u0259rrac vasit\u0259sil\u0259 h\u0259yata ke\u00e7iril\u0259c\u0259k. \u0130nvestorlara faizl\u0259rin \u00f6d\u0259nilm\u0259si il \u0259rzind\u0259 4 d\u0259f\u0259 olmaqla r\u00fcbl\u00fck n\u0259z\u0259rd\u0259 tutulur. Sadalanan \u015f\u0259rtl\u0259r haz\u0131rda \u00f6lk\u0259nin maliyy\u0259 bazar\u0131 \u00fc\u00e7\u00fcn \u0259n \u0259lveri\u015fli t\u0259klifl\u0259rd\u0259n hesab olunur.<\/span><\/p>\n

\u201cAzerGold\u201d QSC-nin istiqrazlar\u0131n\u0131 \u0259ld\u0259 etm\u0259kl\u0259 investorlar sabit g\u0259lir \u0259ld\u0259 etm\u0259k, m\u00fcdd\u0259t sonunda istiqrazlar\u0131n nominal d\u0259y\u0259rini geri almaq h\u00fcququ \u0259ld\u0259 edirl\u0259r. Qeyd olunan istiqrazlar\u0131 \u0259ld\u0259 etm\u0259kl\u0259 investorlar\u0131n banklar\u0131n AB\u015e dollar\u0131 \u00fczr\u0259 depozitl\u0259rinin orta faiz d\u0259r\u0259c\u0259sind\u0259n daha art\u0131q g\u0259lir \u0259ld\u0259 etm\u0259k imkan\u0131 vard\u0131r. Bununla yana\u015f\u0131, C\u0259miyy\u0259tin f\u0259aliyy\u0259tinin n\u0259tic\u0259l\u0259rinin y\u00fcks\u0259k m\u0259nf\u0259\u0259tlilikl\u0259 m\u00fc\u015fayi\u0259t olunmas\u0131 emissiya edil\u0259n istiqrazlar\u0131n daha etibarl\u0131 v\u0259 dayan\u0131ql\u0131 olmas\u0131na \u0259sas verir.<\/span><\/p>\n

Ruslan Babayev<\/strong><\/b><\/span><\/p>\n

Maliyy\u0259 bazarlar\u0131 \u00fczr\u0259 ekspert, iqtisad elml\u0259ri \u00fczr\u0259 f\u0259ls\u0259f\u0259 doktoru<\/strong><\/b><\/span><\/p>\n

apa.az<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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