Azerbaijan's Central Bank cuts refi rate 25 bps to 7.25% pa

BAKU. May 2 (Interfax) - The Central Bank of Azerbaijan has decided to cut the refinancing rate, or discount rate, by 25 basis points to 7.25% per annum from 7.50 pa as of May 2, 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 8.25% pa from 8.50% pa.

The Central Bank has lowered the rate three times so far this year, each time by 25 bps.

Its next rate meeting takes place on June 21.