Central Bank of Azerbaijan increases discount rate

The Management Board (MB) of the Central Bank of Azerbaijan (CBA) made a decision to raise the discount rate by 0.25 percentage points from 8.75% to 9%, Report informs, citing CBA.

The interest rate floor is increased by 0.5% to 7.5% and the ceiling is increased by 0.25% to 10%.

"This decision is based on the dynamics of factors that have an increasing and decreasing effect on inflation in the internal and external environment," the Central Bank said in a statement.

The new discount rate gets into force on May 4.

The next decision of the Central Bank on the parameters of the MB interest rate corridor will be announced to the public on June 21.