BAKU, Azerbaijan, January 31. It is planned to involve Azerbaijani banks in brokerage activities this year, Chairman of the Central Bank of Azerbaijan (CBA) Taleh Kazimov said during a press conference on changes in the parameters of the refinancing rate, Trend reports.
"This will contribute to further expansion of the capital market, given the wide branch network of banks. The Central Bank of Azerbaijan has a lot of plans, primarily in terms of infrastructure, aimed at making the capital market work efficiently. Moreover, the CBA has plans to digitalize the market. At the same time, work will be carried out to raise awareness among investors and issuers," Kazimov added.
Meanwhile, today 23 banks are operating in Azerbaijan, and as of December 31, 2023, the total assets of the banks exceeded 49.1 billion manat ($28.8 billion).
To note, the Central Bank of Azerbaijan (CBA) lowered the refinancing rate on January 31 from 8 to 7.75 percent.
According to the CBA, the upper limit of the interest rate corridor was reduced from 9 percent to 8.75 percent, and the lower limit was reduced from 6.5 percent to 6.25 percent.
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