August 5, Central Bank of Azerbaijan announced an increase in interest rates on refinancing of banks from 7 to 9.5%. The rate increased with the objectives of macroeconomic stability in the medium term, inflation expectations and the trends in the balance of payments, as well as financial market conditions.
The CBA believes that the new discount rate will affect the formation of stimulating the level of real interest rates in the money market for deposits in national currency. This will boost confidence in the manat. This will increase the attractiveness of the Central Bank for sterilization operations in the market.
In July 2015 the Central Bank discount rate was 3%. In February 2016, it was increased 5%.
The banks last received loans in a centralized manner at a rate of 9.5% in July 2006. --- 08D
Economics
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Azerbaijan and Israel have agreed to establish a working group on the development of cooperation in the field of transport, Minister of Digital Development and Transport Rashad Nabiyev said on Friday on the social network "X".
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Discussions on "green energy" were held on November 22 in Istanbul, during the energy forum, involving Turkey's Minister of Energy and Natural Resources Alparslan Bayraktar, Georgia's First Deputy Prime Minister and Minister of Economy and Sustainable Development Levan Davitashvili, Bulgaria's Minister of Energy Rumen Radev, and Azerbaijan's Minister of Energy Parviz Shahbazov.
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