Central Bank of Azerbaijan
AZIR near the lower bound: the gap between the overnight market and CBA notes
AZIR at 5.8% on 15.10.2026 holds near the lower bound of the 5.0% corridor, while 28-day CBA notes yielded 6.44%: two instruments of the same regulator are priced differently.
Azerbaijan's Central Bank: $10 Oil Rise Adds $1.2 Billion to Current Account Surplus
Central Bank Governor Taleh Kazimov explains how changes in oil and gas prices affect Azerbaijan's current account surplus and inflation.
Azerbaijan's Central Bank to Gain AML/CFT Supervision Powers Over Financial Institutions
A draft law discussed in the Milli Majlis would grant the Central Bank of Azerbaijan supervisory authority over financial institutions and groups in the area of anti-money laundering and counter-terrorist financing. Risk reassessments would be triggered by a 40% or greater increase in transaction volume.
Azerbaijan's Central Bank Approves New Payment System Tariffs Effective April 1, 2027
The Central Bank of Azerbaijan has approved a new tariff policy for payment systems: upper tariff limits in AZIPS and XÖHKS have been reduced, while fees for the instant payment system AÖS have been set at a lower level.
Overnight Rate Rose, Note Yields Fell: Two Money Market Segments Diverged
AZIR rose to 5.8757% on October 8, 2026, from 5.7632%, while the yield on the CBA's 28-day notes at the October 7 auction fell to 6.47% from 6.5% a week earlier.
Azerbaijan's Central Bank Tightens Credit Risk Assessment Rules
The Central Bank of Azerbaijan has revised its credit risk rules, amending three documents. The new requirements concern asset classification, reserves and risk management in banks.
AZIR is cheaper than the policy rate, but not at the lower bound of the corridor
The one-day interbank rate AZIR on 7 October 2026 was 5.7632% — below the CBA policy rate of 6.5%, but above the lower bound of the corridor of 5.0%.
AZIR and CBA notes: two short-money benchmarks diverge
The one-day interbank rate AZIR remains above the lower bound of the corridor, while the yield on 28-day CBA notes has come in below the policy rate — these are different benchmarks for the short manat.
Average rate on manat loans is 15.79% while the policy rate is 6.5%
In September 2026, the weighted average manat loan rate reached 15.79% — the maximum in the available history, while the CBA policy rate has been stated at 6.5% since February 5, 2026.
Azerbaijan's deposit base grew, but dollarization reversed upward
By August 2026, deposits reached 46,052.98 million manats, 11.1% more than a year earlier, but the share of foreign currency deposits rose by 0.82 percentage points over the month — to 35.54%.
CBA corridor floor lowered to 5%, but interbank rate stays above it
The CBA lowered the lower bound of the corridor from 5.5% to 5% effective 24 September 2026, while the policy rate and the upper bound in the data remain unchanged — the corridor is changing asymmetrically.
CBA rate remains 6.5%, but food inflation is 7.2%
The CBA kept its policy rate at 6.5% and lowered the lower bound of the corridor to 5%, while food inflation in August 2026 reached 7.2% year on year.
Manat deposit rate: 9.16% in September versus 9.47% in March
The average manat deposit rate in September 2026 was 9.16% — above last year's 9.05%, but below the March peak of 9.47%. This is a benchmark for comparing bank terms, not the return on a specific deposit.
Cash outside banks in August 2026 barely changed, while broad aggregate M2 grew
In August 2026, M0 remained almost at the July level, while M2 added a noticeable amount. This divergence shows that money supply growth that month did not come through cash.
Azerbaijan's Monetary Base Rises to 24.8 Billion Manats
As of October 1, Azerbaijan's monetary base stood at 24 billion 817.9 million manats, up 2.4% month-on-month and 10.4% since the start of the year.
Azerbaijan's loan portfolio is growing, but the national currency is getting more expensive
The outstanding stock of loans to the economy rose by 14.5% year on year, while the average rate on loans in the national currency climbed to 15.79% — the expansion of the portfolio is not being driven by cheaper money.
Money base down, M2 up: what this means for business
In July 2026, the money base declined from June, while M2 and M0 rose. We examine why end-of-month stocks do not provide an unambiguous signal about monetary conditions.
Loans Grow Faster Than Deposits, but Are Getting More Expensive: The Decision Boundary for a Borrower
The outstanding stock of loans to the economy grew by about 12.9% over the year, deposits by 6.5%, and the average rate on manat loans rose to 15.74%. We examine why this is not a reason to expect an easing of conditions.
Azerbaijan's Deposits: Balance Growth Amid a Decline in the Foreign Currency Share
By the end of July 2026, Azerbaijan's deposit base reached 44,501.1 million manats, while the share of foreign currency deposits declined to 34.7% versus 38.2% a year earlier.
Azerbaijan's Central Bank Moves Rate Decision to October 29
Azerbaijan's Central Bank will announce its interest rate corridor decision on October 29 instead of November 4. The press conference has also been rescheduled.
Azerbaijan's Central Bank Keeps Policy Rate at 6.5%
The Central Bank of Azerbaijan left its policy rate unchanged at 6.5%, lowering the lower bound of the interest rate corridor to 5% while keeping the upper bound at 7.5%.
AZIR below the policy rate: what this means for short-term funding
The upper bound of the CBA corridor is 7.5%, the policy rate is 6.5%, and the one-day interbank AZIR rate had fallen to 5.8077% by September 17, 2026.
Credit More Expensive Than Deposits: What the Rate Gap in Manats Shows
The average manat rate on loans in August 2026 was 15.74%, on deposits — 9.12%. The gap persists, but by itself it proves neither a rise in funding costs nor an increase in margin.
Deposit rate in manats: August pullback amid annual growth
The average manat deposit rate in August 2026 declined from July but remained above last year's level — this changes not the direction, but the sensitivity of the cost of funding.