Baku, Azerbaijan, Aug. 1
By Ilkin Shafiyev - Trend:
The Central Bank of Azerbaijan (CBA) has kept the discount rate at 10 percent, CBA Chairman Elman Rustamov said at a press conference August 1.
The CBA also decided to keep the interest rate cap at 12 percent and the interest rate floor at 8 percent.
"Inflation was below the target indicators, having maintained the downward trend, the balance of payments was in surplus, the high dynamics of economic activity was preserved. The inflation risks associated with both fiscal policy and external factors limit our ability to ease monetary policy. External risks are associated with volatility of currency rates and inflation in other countries. As for the internal risks, I would like to note the rapid growth of imports," Rustamov said.
The CBA reduced the discount rate in February this year from 15 to 13 percent, in April from 13 to 11 percent, in June from 11 to 10 percent.
The parameters of the interest rate corridor will be discussed next time in October.
