BAKU, Azerbaijan, March 27. The next decision of the Board of the Central Bank of Azerbaijan (CBA) on the interest corridor parameters will be announced on March 28, 2024, Trend reports.
On January 31, CBA lowered the refinancing rate from eight percent to 7.75 percent.
The upper limit of the interest rate corridor was lowered from 9 percent to 8.75 percent, and the lower limit was lowered from 6.5 percent to 6.25 percent.
"This decision was made because actual and forecast inflation is within the target corridor (4±2 percent), stabilization of inflation expectations, as well as the situation in the foreign exchange market. The annual inflation rate has declined since the last Monetary Policy Board meeting. Twelve-month inflation stood at 2.1 percent in 2023 and formed at the lower end of the target range (4±2 percent). A decrease in inflation was observed for all group components of the consumer basket. Annual food inflation amounted to 0.8 percent, non-food inflation was 2.7 percent, and inflation in the sphere of services was 3.7 percent. The dynamics of actual inflation also affected inflation expectations," CBA said.
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