Azerbaijani Central Bank raises interest rate

In the statement made by the Central Bank of Azerbaijan (CBA) on Wednesday, on March 29, it was stated that CBA decided to raise interest rate by 0.25 percentage points to 8.75 percent.

According to the information, the upper limit of the interest corridor was raised from 9.5 percent to 9.75 percent, and the lower limit – from 6.75 percent to seven percent.

“This decision was made taking into account the dynamics of factors that have a decreasing and increasing effect on the price level in the internal and external environment,” the CBA said in the statement.

CBA noted that information on the next monetary policy decision will be made public on May 3, 2023.

It is worth to note that on February 1, 2023, CBA decided to raise the discount rate by 0.25 percentage points to 8.5 percent. The upper limit of the interest corridor was raised to 9.5 percent, and the lower limit to 6.75.