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Central Bank of Azerbaijan slashes refinancing rate to 2%

Central Bank of Azerbaijan slashes refinancing rate to 2%

21 May 2009 14:50 (UTC +04:00)

The move was intended to soften monetary policy to protect and support the macroeconomic equilibrium, financial stability and economic performance amid deflation trends, the CBA said in a statement.

On March 2, the central bank cut the refinancing rate to 3% from 5%, slashed the interest rate ceiling to 8% from 10% and leaftthe interest rate floor unchanged at 1%.

Under the March 2 decision, the central bank also cut its mandatory reserve requirements for commercial banks in both home and foreign currency to 0.5% from 3%.

In the face of deepening global economic crisis and liquidity problem, the central bank has to date cut the refinancing rate by 13 percentage points to 2% from 15% at stages since October, 2008.

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