BAKU, Azerbaijan, March 27. The next decision
of the Board of the Central Bank of Azerbaijan (CBA) on the
interest corridor parameters will be announced on March 28, 2024,
Trend reports.
On January 31, CBA lowered the refinancing rate from eight
percent to 7.75 percent.
The upper limit of the interest rate corridor was lowered from 9
percent to 8.75 percent, and the lower limit was lowered from 6.5
percent to 6.25 percent.
“This decision was made because actual and forecast inflation is
within the target corridor (4±2 percent), stabilization of
inflation expectations, as well as the situation in the foreign
exchange market. The annual inflation rate has declined since the
last Monetary Policy Board meeting. Twelve-month inflation stood at
2.1 percent in 2023 and formed at the lower end of the target range
(4±2 percent). A decrease in inflation was observed for all group
components of the consumer basket. Annual food inflation amounted
to 0.8 percent, non-food inflation was 2.7 percent, and inflation
in the sphere of services was 3.7 percent. The dynamics of actual
inflation also affected inflation expectations,” CBA said.
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