Azerbaijani central bank cuts interest rate
The Azerbaijani Central Bank (CBA) decided that the interest rate will be reduced from 5.25 percent to 5 percent effective December 10, the CBA said on Friday, Trend news agency reported.
The decision was made in order to support economic growth in the non-oil sector of the country by reducing interest rates, which is possible taking into account the optimal level of inflation.
"The growth of economic prosperity and the strengthening of macroeconomic stability, economic diversification and exports were accelerated in 2012," a statement says. "The non-oil economy in the country increased by 10.4 percent for 10 months and became the main factor behind economic growth. Both internal and external demand had a positive impact on economic growth and employment."
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