Central Bank of Azerbaijan reduces discount rate

Baku

Management Board of the Central Bank of Azerbaijan has today made a decision on reduction of discount rate from 13% to 11%, upper and lower limits of interest rate corridor to +/- 3%. Chairman of Central Bank of Azerbaijan Elman Rustamov said at the press conference that the main purpose of reduction of parameters of interest corridor is to increase macroeconomic sustainability. Next discussion on parameters of the interest rates will be held in June 2018. Meanwhile, the bank deposits of individuals in Azerbaijan grew to AZN 7,750,300,000 in January-February 2018. Sources in the Central Bank told APA that the bank deposits of the population in foreign currency dropped by 14.6% in January-February of this year as compared to the same period of the last year to AZN 4,815,100,000 or 62.13% of all individual deposits.—APA

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