The Board of the Central Bank of Azerbaijan (CBA) has decided to keep the refinancing rate at 6.5%.
According to the information, the lower limit of the interest rate corridor remains at 5.5%, and the upper limit at 7.5%.
"When making the decision on the parameters of the interest rate corridor, the dynamics of actual and forecast inflation, as well as processes in the domestic financial market, were taken into account. On the one hand, the upward revision of the inflation forecast necessitates a tightening of monetary policy, but on the other hand, a significant excess of supply over demand in the foreign exchange market supports a soft monetary policy. The mutual balancing of these factors leads to keeping the parameters of the interest rate corridor unchanged," the CBA said in a statement.
Information about the next decision on the parameters of the interest rate corridor will be announced on September 23.