Central Bank of Azerbaijan cuts accounting rate fourth time this year


October 30, Fineko/abc.az. The Central Bank of Azerbaijan (CBA) has once again reduced the accounting rate.

CBA chairman of board Elman Rustamov has stated that the accounting rate was decreased from 10% to 9.75% by a relevant decision of the CBA Board.

"The upper and lower level of the interest rate corridor is set at the level of +/-2%, i.e. the upper level is 11.75% and the lower level is 7.75%," Rustamov said.

The CBA chair added that further changes in the accounting rate will depend on the compliance of inflation to forecasts.

The CBA reduced the accounting rate from 15% to 13% on 12 February, 2018. On 9 April, the accounting rate was lowered for the second time from 13% to 11%. By Bank's decision from 14 June, the accounting rate was decreased from 11% to 10%. On 1 August, the Bank decided to keep the accounting rate at 10%.