BAKU, Azerbaijan, May 15. The Central Bank of the Republic of Azerbaijan (CBAR) has unveiled a revamped methodology for calculating and publishing the Azerbaijan Interbank Rate (AZIR), supported by technical expertise from the European Bank for Reconstruction and Development (EBRD), Trend reports.
Announced on 15 May 2025, the reformed AZIR includes newly established compounded rates for 30, 90, and 180-day periods, along with an AZIR Compounded Index, now available on CBAR’s official website. The changes aim to ensure uninterrupted daily publication of the benchmark rate, enhance its credibility, and support the broader development of Azerbaijan’s financial markets.
The CBAR’s move is part of a broader push to stimulate activity on the interbank market and deepen the role of the Azerbaijani manat in financial transactions. Since November 2023, the central bank has actively managed AZIR within its interest rate corridor, reinforcing its importance as a tool for monetary policy transmission.
“This marks a milestone in the modernization of Azerbaijan’s financial markets,” said Nataly Mouravidze, Head of the EBRD’s office in Azerbaijan. “It reflects the CBAR’s determination in market development.”
The new AZIR methodology is also designed to facilitate the index’s use in cash and derivative instruments, potentially paving the way for more sophisticated financial products denominated in manat.
The EBRD remains one of Azerbaijan’s key institutional investors, with nearly 4 billion euros committed across close to 200 projects in various sectors of the national economy.