BAKU, Azerbaijan, Nov. 1
Trend:
The Central Bank of Azerbaijan (CBA) is expected to again increase the refinancing rate by 50 basis points up to 7.5 percent during its next meeting on December 17, Deputy Head of the Research Department at Russian Gazprombank Gulnara Khaidarshina told Trend .
Khaidarshina said that the CBA again revised upward the inflation forecast for the end of the year and pointed to the possible re-increase in the rate during the upcoming meetings.
"In this regard, we expect an increase in the rate again by 50 basis points in December,” the deputy head of the department said. “We think that the CBA's intention to maintain macroeconomic stability and the attractiveness of savings in Azerbaijani Manat, outlined today, is a positive moment for Azerbaijan's sovereign ratings and its Eurobonds."
Earlier Gazprombank predicted the rate at 6.75 percent at the end of the year.
The CBA has raised the refinancing rate up to seven percent. At the same time, the upper limit of the interest rate corridor was increased from seven percent to eight percent, while the lower one remained unchanged at six percent.