Central Bank of Azerbaijan leaves interest rates unchanged

The Central Bank of Azerbaijan (CBA) has decided to leave the interest rates unchanged at 9 percent on June 21.

The upper and lower limits of the percentage corridor also remained unchanged at 10 percent and 7.5 percent, respectively, News.Az reports citing the CBA.

This decision was made taking into account macroeconomic forecasts, factors affecting inflation, and changes in the balance of risks. The Central Bank will make the next decisions on monetary policy taking into account internal and external inflation risks, and actual and expected deviation of inflation from the target value.

The CBA will continue the in-depth analysis of inflationary factors and will adequately use all the tools at its disposal to return inflation to the target framework through monetary conditions.

“If inflationary pressure continues to weaken, the possibility of taking a pause in tightening monetary policy at least until September of this year and easing it at subsequent stages will be considered,” the CBA said.

This decision comes into force on June 22, 2023. The next decision on monetary policy will be announced to the public on July 26, 2023.


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