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 capital market.
The expansion of the stock market indicates growing investor interest in participating in companies’ capital. At present, shares of two companies are actively traded on the Azerbaijani market, with both companies representing the banking sector. Their dividend yields are also among the key factors attracting investors’ attention, with dividend payments reaching levels above 10%.
This situation is important for Azerbaijani citizens in terms of expanding investment alternatives to bank deposits. Investors seeking income are increasingly looking beyond deposit products and comparing dividend yields on stocks, potential price appreciation and coupon returns on bonds. Another important segment of the capital market is corporate bonds.
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