BAKU, Azerbaijan, January 29. The next decision of the board of the Central Bank of Azerbaijan (CBA) on the parameters of the interest rate corridor will be announced on January 31, 2024, Trend reports.
To note, on December 20, 2023, the CBA decided to reduce the discount rate from 8.5 to eight percent, the upper limit of the interest rate corridor from 9.5 percent to nine percent, and the lower limit from seven to 6.5 percent.
"This decision was made in light of the presence of actual and forecast inflation in the target corridor (4±2 percent), the stabilization of inflation expectations, and excess supply in the foreign exchange market. The annual inflation rate has declined quicker than predicted since the last Governing Council monetary policy meeting. In November 2023, 12-month inflation was 2.6 percent. This is the third month in a row that annual inflation has remained within the target range. Monthly price trends continue to fall from a year ago. In November, the consumer price index fell by 0.2 percent, which is unusual for this time of year," the CBA said.
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