2024-02-13 04:55:43
It is expected that the discount rate in Azerbaijan will influence deposit interest from next year.
As Day.Az reports on Wednesday with reference to Trend, Chairman of the Central Bank of Azerbaijan (CBA) Taleh Kazimov said this during a press conference on changes in the parameters of the discount rate.
“Currently, there is quite a lot of liquidity in the market. It takes time to sterilize it. In conditions of high liquidity, CBA interest rates do not work. We must maintain the volume of money at such a level that its value is in the corridor planned by the CBA. To manage liquidity in the market “Strong coordination of monetary and fiscal policies is needed. This is important, and we are working hard on this. We have good coordination with the Ministry of Finance of Azerbaijan. I believe that the discount rate will begin to influence the deposit segment from next year,” he noted.
Let us remind you that the Central Bank of Azerbaijan (CBA) on January 31 lowered the discount rate from 8 to 7.75 percent.
According to the CBA, the upper limit of the interest rate corridor was reduced from 9 percent to 8.75 percent, and the lower limit – from 6.5 to 6.25 percent.