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Central Bank of Azerbaijan reduces accounting rate

07 December 2012 12:27 (UTC +04:00)

According to CBA, this step was taken to allow decreasing of interest rate more, by taking into consideration that the inflation is at an optimal level, and support economic growth in non-oil sector.

CB says it continued its activity directed to saving of prices and financial stability in accordance with monetary policy, declared by itself and improvement of monetary policy and macro prudential frames for fulfillment of this mandate more effectively.

“Stability of the exchange rate of manat was protected, money supply increased accordingly to inflation rate. Inflation remained at single-digit level, average annual inflation rate (1.3%) was significantly lower than partner countries. In this situation, decreasing tendencies were observed in average interest rates on credits”, said the Central Bank.