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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Rice imports to Azerbaijan have soared to unprecedented levels during the January-November 2024 period, reflecting both rising domestic demand and increasing global food prices. Over this period, the country imported 60,400 tons of rice, marking an 18.6% increase in volume and a 35.3% rise in value compared to the same period in 2023.
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Over 17,750 life insurance contracts and 40,661 property insurance contracts were signed through Azerbaijan’s Mortgage and Credit Guarantee Fund (MCGF) between 2022 and 2024, reflecting the growing role of the Fund in strengthening the housing finance and insurance markets. These figures were revealed by Rasim Abdullayev, Director of the Mortgage Lending Department at MCGF, during the seminar "Tools for Supporting Housing Finance and Entrepreneurship."
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The value of paid services provided to the population in Baku reached 6.94 billion manats in the first eleven months of 2024, reflecting a real-term increase of 9.2% compared to the same period in 2023, according to data from the Baku City Statistical Department.
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According to data from the Baku City Statistical Department, the retail trade turnover in Azerbaijan’s capital, Baku, increased by 5% year-on-year from January to November 2024, reaching 31.6 billion manats. This growth reflects the steady recovery of the economy and consumer confidence amid broader market stability.
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