Azerbaijani Central Bank to reduce discount rate on February 11
Azerbaijan, Baku, Feb. 8 / Trend /
According to the decision of the Central Bank of Azerbaijan (CBA), starting February 11, 2013 the discount rate will be reduced by 0.25 percentage points to 4.75 percent, a CBA report said on Friday.
"This decision was taken in light of the low level of inflation, the growth rate of the money supply, and priorities for the diversification of the national economy," the statement said.
The Central Bank continues to conduct monetary policy aimed at macroeconomic stability, resulting in the average annual inflation falling to 1.1 percent in 2012, and the rate of the manat remaining stable.
"A stable exchange rate and inflation rate, which was lower than the consumer price index in Azerbaijan's foreign trade partners has provided a positive impact of the real effective exchange rate on the competitiveness of the economy" the CBA report said.