Central Bank of Azerbaijan keeps interest rate stable

Baku. 2 May. REPORT.AZ/ Central Bank of Azerbaijan (CBA) Board of Directors has held its next meeting.

Report informs referring to CBA, taking into account character and terms of transferring stabilization measures to inflation reduction, changes in risks on macroeconomic map, it was decided to keep the parameters of interest rate corridor, including interest rate unchanged at 15%.

Improvement trends in current year’s balance of payments were noted. Relatively favorable oil prices, increase in export, including export of non-oil products, as well as decrease in quarterly import figures have positive impact on current account of payments balance. Current situation raises expectations of surplus in foreign trade balance and current account by the end of 2017.

Notably, on September 14, 2016, the CBA has established lower limit of interest rate corridor for liquidity operations at 12%, the upper limit at 18%. The interest rate was set at 15%.