Azerbaijan's Central Bank cuts refinancing rate 25 bps to 7.5% pa

BAKU. March 28 (Interfax) - The Central Bank of Azerbaijan has decided to cut the refinancing rate, or discount rate, by 25 basis points to 7.5% per annum from 7.75% pa as of March 29, the bank said in a press release.

The Central Bank said that the lower threshold of the interest rate corridor has been retained at 6.25% pa, and the upper threshold has been reduced to 8.5% pa from 8.75% pa.

Trading Economics analysts had expected a larger rate cut by 50 bps to 7.25% pa.

The Central Bank last reviewed the refinancing rate on January 31, 2024, when the regulator decided to cut it by 25 bps to 7.75% pa as of February 1.