The Management Board of the Central Bank of Azerbaijan decided to keep unchanged the refinancing rate at 6.5%, the floor of the interest rate corridor at 5% and the ceiling of the corridor at 7.5%, Report informs, citing the CBA.
"The Board took into account the dynamics of headline and core inflation, inflation expectations, and the balance of risks when deciding on the parameters of the interest rate corridor. It also considered developments in the foreign exchange market, changes in the liquidity position of the banking sector, and recent trends in global monetary conditions," the bank said.
The CBA also said that for the rest of the year, decisions on the parameters of the interest rate corridor will continue to be based on the inflation forecast, the dynamics of key macroeconomic indicators, and foreign exchange (FX) market developments.
In view of uncertainties in the global environment and the intensity of their transmission to the domestic economy, the Central Bank will continue to review macroeconomic projections under several scenarios.