Central Bank of Azerbaijan increases discount rate to 5%

The Central Bank of Azerbaijan has increased the discount rate from 3 to 5%.

The lower limit of the interest rate corridor for liquidity operations has been set at 2% and the upper limit - at 10%.

This decision was made by the Central Bank of Azerbaijan in order to create conditions for improvement of monetary policy instruments in line with the situation on the currency market, as well as to strengthen the credibility of the manat and increase the volume of deposits in manats.

“This decision has been also made based on the goal of achieving sustainable stability of prices in the medium term, as well as forecasts of macroeconomic indicators,” Trend cited the ministry as saying.