BAKU, Azerbaijan, July 31. Azerbaijan's foreign currency reserves have grown by 1.8 percent to $69.7 billion since the beginning of the year, Governor of the Central Bank of Azerbaijan Taleh Kazimov said at a press conference, Trend reports.
According to him, the CBA's foreign currency reserves accounted for $11.7 billion (an increase of 1.1 percent).
On July 31, the Central Bank of Azerbaijan issued a decision to keep the refinancing rate unchanged at the level of 7.25 percent.
According to CBA, the upper and lower limits of the refinancing rate corridor also remained unchanged at 8.25 percent and 6.25 percent, respectively.
Moreover, the decision to keep the refinancing rate unchanged was based on the alignment of the actual inflation rate with the forecast, the maintenance of expected inflation within the target range (4±2 percent), and the dynamics of both internal and external inflation factors.
"Although annual inflation has risen since the last meeting, it has remained below the lower end of the target range (4±2 percent). As of June 2024, 12-month inflation stood at 1.1 percent, with core inflation at 0.8 percent. Annual food inflation was 0.2 percent, non-food inflation was 1 percent, and service inflation was 2.4 percent," CBA stated.
In addition, the bank also noted that the external inflation environment remains generally stable.
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