Azerbaijan, Baku, Feb. 27 / Trend , U. Ismayilova/
The National Bank of Azerbaijan (NBA) will cut interest rates two percent on March 2.
Interest rates will total three percent, the NBA said.
The upper limit of the percentage corridor was reduced from 10 to 8 percent. Obligatory reserves were reduced in manat and foreign currency from three to 0.5 percent.
"On the backdrop of the global economic crisis, the NBA is easing the 2009 monetary policy to maintain macroeconomic balance, financial stability and economic activity," the bank said.
The bank took similar steps last year to reduce inflation.
The NBA cut interest rates from 15 to 5 percent from October 2008 to February 2009.
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