Central Bank of Azerbaijan cuts interest rate
By Trend
The Board of the Central Bank of Azerbaijan (CBA) passed a decision to cut the discount rate by 0.25 percent, with which the discount rate was reduced from 8.25 percent to 8 percent, Trend reports referring to the CBA’s press service.
The limits of the interest rate corridor are within ±1.75 percent of the base rate. With the reduction of the discount rate, the lower threshold currently stands at around 6.25 percent and the upper at 9.75 percent.
This marks the sixth time the CBA has cut the discount rate since the beginning of the year. As such, discount rates were reduced on February 1, March 15, April 26, June 7 and July 23 of the current year. The key rate was reduced by a quarter percent every time.
The CBA rate decreased by 1.5 percent relative to the beginning of the year.
The decision to cut the discount rate was made in connection with the reduction of inflation risks, which allows to continue the normalization of monetary policy.
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