Azerbaijan's central bank cuts rate to 8.75%

Azerbaijan’s central bank cut its refinancing rate to 8.75% from 9%, CBA Chairman Elman Rustamov said.

The central bank also lowered its rate corridor by the same margin, nudging the lower boundary down to 6.75% and the upper boundary down to 10.75%, from 7 and 11% before, respectively, Reuters reported.

Last time the rate was lowered from 9.25 to 9% on March 15, 2019.