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Central Bank of Azerbaijan raises refinancing rate

03.05.23 20:00
The Central Bank of Azerbaijan (CBA) has raised the interest rate from 8.75 percent to nine percent. The upper limit of the interest corridor was raised from 9.75 percent to 10 percent, and the lower limit - from seven percent to 7.5 percent.

The CBA doesn't aim to achieve any specific percentage of interest rate, Executive Director at the CBA Vugar Ahmadov said during a press conference on changes in the parameters of the interest rate.

"By raising or lowering the refinancing rate, we effectively influence the financial market, curbing and mitigating inflation. If we see that the market is stable, and there are no negative effects on the economy or inflation, that is, the trajectory is positive, then we make a pause," he explained.

"If this stability will continue, we’ll reconsider the possibility of lowering or raising the interest rate," Ahmadov said, Trend reports.