2023-11-01 12:39:19
In the conditions of surplus foreign trade balance (13.9 billion US dollars in 9 months), supply exceeded demand in 99% of currency auctions held at the Central Bank since the beginning of the year.
Day.Az reports that this is stated in the information released by the Central Bank of the Republic of Azerbaijan regarding the reduction of the discount rate.
“For this reason, the intervention of the Central Bank in the foreign exchange market in 10 months was purchase-oriented, amounting to 1247.9 million US dollars. The foreign exchange reserves of the Central Bank increased by 16.8% or 1.5 billion US dollars in 10 months and reached 10.5 billion US dollars,” the CBA said.
It should be noted that by the decision of the Board of the Central Bank, the discount rate was reduced from 9% to 8.5%, the lower limit of the interest corridor was reduced from 7.5% to 7%, and the upper limit of the interest corridor was reduced from 10% to 9.5%. This decision comes into force on November 2, 2023.
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