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National Bank of Azerbaijan slashes refinancing rate to 3%

National Bank of Azerbaijan slashes refinancing rate to 3%

27 February 2009 09:32 (UTC +04:00)

Under the decision, the central bank has 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 National Bank of Azerbaijan continues to soften its monetary policy to protect and support the macroeconomic equilibrium and financial stability and economic performance, said a statement.
Until February 2, the central bank cut the refinancing rate to 5% from 15% at stages from October, 2008.

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