National Bank of Azerbaijan: Softening monetary policy has the effect

National Bank of Azerbaijan: Softening monetary policy has the effect
# 25 November 2008 15:37 (UTC +04:00)
Baku. Vahab Rzayev - APA-Economics. The effect of the central bank’s latest discount rate cut came out after the reserve requirements were lowered, said Khagani Abdullayev, head of Monetary Policy Department at the National Bank of Azerbaijan.
According to him, each 1% decline in reserve requirements for the internal liabilities causes AZN 30 million to remain in the banking system.
In addition, lower requirements in external liabilities bring back further AZN 120 million to the banking system.
He noted that reducing the discount rate also helped cut interest rates on bank loans.
He said that the increasing rate on bank loans leveled out at 18.2% per annum after the decision on discount rate cut came effective.
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