Central Bank of Azerbaijan lowers discount rate
Baku, Azerbaijan, July 26
By Kheyraddin Nasirzade – Trend:
The Central Bank of Azerbaijan (CBA) has reduced the discount rate from 8.5 to 8.25 percent, with the decision to enter into force on July 29, chairman of the CBA Elman Rustamov said at a press conference, Trend reports.
Rustamov noted that the upper limit of the percentage corridor was reduced from 10.5 to 10.25 percent, and the lower one from 6.5 to 6.25 percent.
He also noted that the reduction in the discount rate and interest rate parameters is preconditioned by the stabilization of oil prices, low inflation and a stable macroeconomic situation in Azerbaijan.
This is the fifth reduction in the discount rate by the CBA for 2019. Since the beginning of the year, it decreased from 9.75 percent to 9.25 percent on February 1, from 9.25 percent to 9 percent on March 15, from 9 percent to 8.75 percent on April 26, and from 8.75 percent to 8.5 percent on June 7.
The CBA will revisit this issue on September 13.