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Central Bank of Azerbaijan to mull change in discount rate

Central Bank of Azerbaijan to mull change in discount rate
The Board of the Central Bank of Azerbaijan (CBA) will consider the change in the discount rate and interest rate corridor on Feb. 1, Trend reports. Presently, the discount rate is 9.75 percent. Earlier, the change was considered in December 2018. Then the CBA decided to keep the discount rate unchanged. The CBA justified its decision by uncertainty in foreign markets. "In the future, the reaction of monetary policy will depend on the dynamics and sustainability of inflation factors," the CBA said. There were favorable economic indicators for reducing the discount rate, namely, low inflation, recovery of economic growth, increase in the population’s income, etc. throughout 2018. This allowed the CBA to gradually reduce the discount rate from 15 percent to current 9.75 percent. In total, the CBA reduced the discount rate four times during 2018: in February from 15 percent to 13 percent, in April from 13 percent to 11 percent, in June from 11 percent to 10 percent, in October from 10 percent to 9.75 percent. The discount rate was kept unchanged in August and December.




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