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Azerbaijani Central Bank lowers discount rate

Business Materials 10 July 2015 18:03
The discount rate of the Central Bank of Azerbaijan will be reduced from 3.5 percent to 3 percent from July 13, 2015.
Azerbaijani Central Bank lowers discount rate

Baku, Azerbaijan, July 10

By Azad Hasanli - Trend:

The discount rate of the Central Bank of Azerbaijan will be reduced from 3.5 percent to 3 percent from July 13, 2015, CBA said July 10.

"This decision has been made to create a monetary ground in order to strengthen the financial support to the economic growth in the non-oil sector, stimulate the investments by speeding up the decrease in the discount rate, optimize the cost of financing the small and medium-sized business and mortgage lending," said the bank.

The purposeful exchange rate policy pursued by CBA has positively affected the strengthening of the international competitiveness of the economy and strategic sustainability of the balance of payments, said the message from the bank.

The currency market and the exchange rate of Azerbaijani manat have significantly stabilized in the last two months and an increase was observed in the currency reserve of CBA, said the message.

CBA said that it would continue the measures on supporting the economic growth and ramification of the country's national economy.

"One of the most important measures taken in this sphere was the stimulation of reducing the cost of banking services, in particular, decreasing the discount rates," said the message from CBA.

Edited by CN
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