Central Bank of Azerbaijan retains refinancing rate at 9% pa

BAKU. Sept 20 (Interfax) - The Central Bank of Azerbaijan has retained the refinancing rate, or discount rate, at 9% per annum, the regulator said in a press release.

According to the Central Bank's press release, the lower threshold of the interest rate band (the floor) remains at 7.5% pa, and the upper threshold of the interest rate band (the cap) remains at 10% pa.

The Central Bank has decided to retain the refinancing rate by accounting for macroeconomic analysis, updated forecasts, changes in factors affecting domestic and external inflation, as well as the balance of risks.

The regulator has retained the refinancing rate at 9% since May of this year, prior to which the Central Bank had hiked the rate five consecutive times by 25 basis points each time.

The Central Bank of Azerbaijan will next discuss the matter of the refinancing rate at a meeting on November 1.