CBA chairman Elman Rustamov: Level of interest rates does not suit us yet

13:22 - 14.01.2020


January 14, Fineko/abc.az. Despite the fact that under conditions, when oil prices fell slightly for both Azeri Light and Brent last year, the exchange rate of the manat remained stable in terms of foreign trade surplus of $6 bn and the diversification of currency sources in general to the market, as well as offers in the tourism sector, the non-oil sector and other areas.

ABC.AZ reports that the statement was made by Central Bank’s chairman Elman Rustamov at yesterday’s meeting devoted to the results of 2019 and chaired by President Ilham Aliyev.

The chief banker noted that as a whole, the Ministry of Finance, Treasury and Central Bank had to sterilize more than $700 million from the market in order not to influence the strengthening of the manat:

"Last year was characterized by softening of monetary policy. It happened in both directions. In 2018 and 2019, that is, in those years of high inflation, we raised the interest rate up to 15%, by about 2 times, and today the discount rate is 7.5%. Last year we discussed the discount rate eight times, and reduced interest rates by the 7th time. In general, we see the impact of this policy on the general interest rate. We see that over the past two years the interest rate on business loans has decreased by 5%. It dropped from about 16% to 11%. In other areas we also see that interest rates are gradually falling. Naturally, the level of this does not satisfy us yet, and work in this direction will continue."

By Elmir Murad

 

Other news