Azeri central bank raises interest rates
Baku – The Azerbaijan Central Bank (ACB) has raised interest rates to 3 percent, the bank said following its board meeting on Friday.
"Taking into consideration the dynamics of macroeconomic indicators and expectations for the future, the ACB leadership has passed a decision to raise interest rates to the 3 percent level from November 1," the ACB said in a statement.
Also, mandatory hedge funds on the external liabilities of banks were set at 0.5 pct in order to regulate outside factors affecting the increase of money in circulation.
Earlier, in May, ACB ordered to reduce interest rates by 1 pct to 2 pct.
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