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Azerbaijan’s Central Bank to Increase Interest Rate

The Central Bank of Azerbaijan (CBA) will increase the interest rate from 7 to 9.5 percent starting from Aug. 8, the CBA said in a message August 5.

Interest rate cap and floor will remain unchanged – 15 and 4 percent, respectively.

The CBA said the interest rate increase is aimed at formation of real interest rates at a level that will stimulate the attraction of deposits in national currency, and thus, increase its credibility.

This measure will also allow increasing attractiveness of sterilization operations held by the Central Bank.

The interest rate has almost never exceeded 5 percent since 2009.

Source: Trend 

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