Central Bank cuts discount rate to 8.75%

14:19 - 26.04.2019


April 26, Fineko/abc.az. The Central Bank of Azerbaijan (CBA) has reduced the discount rate since 26 April.

The CBA reports that a decision to made to cut the discount rate from 9% to 8.75%.

The lower threshold of the percentage corridor was reduced from 7% to 6.75%, the upper one from 11% to 10.75%. This decision came into force on 26 April.

CBA chairman of board Elman Rustamov stressed that decisions on the parameters of the interest rate corridor will continue to be taken depending on the actual and projected inflation rate, as well as on implementation of risk scenarios.

Next time the CBA will review the discount rate at a meeting on 7 June.

This is the third reduction in the CBA discount rate in 2019. As previously reported, on 1 February 2019 the CBA reduced the discount rate from 9.75% to 9.25% and on 15 March from 9.25% to 9%.

The CBA cut the discount rate from 15% to 13% on 12 February 2018. On 9 April the rate was reduced from 13% to 11%.

The CBA’s decision from 14 June reduced the rate from 11% to 10%. On 1 August the Bank decided to keep the rate at 10%. On 30 October the rate was cut from 10% to 9.75%. On 26 December 2018 the CBA Board decided to keep the rate at 9.75%.

 

 

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