Central Bank of Azerbaijan increases interest rate to 5% (UPDATE)

Economy Materials 15 February 2016 10:21 (UTC +04:00)

Details added (first version posted on 09:56)

Baku, Azerbaijan, Feb. 15


The Central Bank of Azerbaijan has increased the interest rate from three to five percent since Feb. 15, 2016, the message of the bank said.

The lower limit of the interest rate corridor for liquidity operations has been set at two percent, and the upper limit - at ten percent, according to the message.

This decision was made in order to create conditions for improvement of monetary policy instruments in line with the situation on the currency market, as well as to strengthen the credibility of the Azerbaijani manat and increase the volume of deposits in manats, according to the bank.

"This decision has been also made based on the goal of achieving sustainable stability of prices in the medium term, as well as forecasts of macroeconomic indicators," said the message.