Central Bank of Azerbaijan cuts discount rate by 25 basis points to 7%

BAKU. July 23 (Interfax) - The Central Bank of Azerbaijan (CBA) decided at a meeting on Wednesday to lower its discount rate to 7% from 7.25%.

The lower and upper thresholds for the interest rate corridor have been reduced by 25 basis points to 6% from 6.25% and to 8% from 8.25%, respectively, the CBA said in a press release. This decision goes into effect on July 24.

Prior to this, the CBR had left the discount rate unchanged at scheduled meetings nine consecutive times. The rate of 7.25% has been in effect since May 2, 2024, when it was cut from 7.5%.

The CBA's next scheduled meeting on the discount rate will be held on September 10.