A quiet but increasingly visible change is taking place in Azerbaijan’s financial market. For many years, the Baku Stock Exchange (BFB) has been a market dominated mainly by banks, large financial institutions, government securities and large-scale REPO transactions. The figures for 2026, however, point to another rapidly growing trend in the capital market: Azerbaijani citizens are showing increasing interest in stocks and corporate bonds.

In January-September 2026, the total turnover of transactions on the Baku Stock Exchange amounted to 33.53 billion manats. During the same period of 2025, this figure stood at 50.98 billion manats. The 17.45 billion manat decline in total turnover was mainly driven by lower activity in the REPO and government securities segments. The volume of REPO transactions fell from 40.3 billion manats to 26.19 billion manats, while turnover in government securities declined from 7.48 billion manats to 1.62 billion manats.

On the other side of these figures, however, a completely different picture is emerging.

The volume of stock transactions increased from just 14.3 million manats in the first nine months of 2025 to approximately 1.46 billion manats during the same period of 2026. This represents growth of more than 100 times. Significant activity has also been recorded in the secondary stock market.

This dynamic is an important signal for Azerbaijan’s........

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