CBA decided to reduce c 30 July the discount rate from 4.25% to 3.5%.
According to the chief regulator, another innovation - a decrease from July 31 (today) the upper limit of the interest rate corridor from 6 to 5% lower - from 0.5 to 0.1%. At the same time, reserve requirements on all deposits reduced from 3 to 2%.
"The decision was made taking into account the low level of inflation, money supply growth to diversify the economy and increasing the volume of investment real sector growth in lending activity and provide the necessary support to economic growth", - the report says.
The last time the CBA's decision on the rate was decreased 1 May 2014 (from 4.75 to 4.25%). The upper boundary of the interest rate corridor from May 1 was 6% (previously - 7%), lower - 0.5% (previously - 1%). - 17D-
Economics
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In July 2024, the State Oil Fund of the Republic of Azerbaijan (SOFAR) reported a sharp increase in currency sales, reaching $826.3 million. This figure is three times higher than the $272.7 million recorded in July 2023 and twice the amount for June 2024.
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The State Statistics Committee has reported a decline in Azerbaijan's grain production for the first half of 2024, with output totaling 1.96 million tons of grain and legumes, including corn. This represents a 5.6% decrease compared to the same period last year.
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Azerbaijan's President Ilham Aliyev has issued a decree making significant amendments to existing presidential decrees to align with the new law on payment services and payment systems, effective from July 14, 2023.
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Azerbaijani President Ilham Aliyev has approved new regulations governing tourism and recreation zones as part of a broader effort to enhance the sector's infrastructure and investment framework.
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