Central Bank of Azerbaijan cuts refinancing rate to 8% pa

BAKU. Dec 20 (Interfax) - The Central Bank of Azerbaijan has cut the refinancing rate, or discount rate, to 8% per annum from 8.5% pa, 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) declines to 6.5% pa from 7% pa, and the upper threshold of the interest rate band (the cap) decreases to 9% pa from 9.5% pa.

The Central Bank last revised the refinancing rate on November 2, when the regulator cut the rate by 50 basis points to 8.5% pa.