Azerbaijan's central bank cuts refinancing rate again

Azerbaijan's central bank cuts refinancing rate again

Azerbaijan’s central bank said today it cut the refinancing rate to 10% from 11%, CBA Chairman Elman Rustamov said at a press conference.

The central bank also said it held the lower boundary of the rate corridor at 8% and lowered the upper boundary to 12% from 14%, Reuters reported.

Rustamov noted that the decision to reduce the interest rate collar was made taking into account the entry of average annual inflation into a single-digit trajectory, and the forecasts of further decline in inflation and improvement of the external balance.

This is the third decrease in the discount rate since the beginning of the year. In February, the CBA reduced the discount rate from 15 to 13%, and in April - from 13 to 11%.

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