Azerbaijan Central Bank reduced the discount rate to 7.25%

Moscow, 31 Jan – “News.Economy.” The Central Bank of Azerbaijan (CBA) from January 31, reduced the discount rate from 7.5% to 7.25%. The lower limit of the corridor reduced from 5.75% to 5.5%, the upper – from 9.25% to 9%.

Photos: CBA

“Stabilization of oil prices in recent months, low inflation and a stable macroeconomic situation caused the reduction in the rate from 7.5% to 7.25%,” – said the CEO of CBA Elman Rustamov.

the CBA has lowered the interest rate for the thirteenth time in a row.

meanwhile, Azerbaijan’s GDP grew by 2019 2.2% against 1.4% in 2018, said the President of the country Ilham Aliyev.

“2019 were satisfactory for the economy of Azerbaijan. The economy much has been done, the figures indicate the soundness of economic policy. It was a year of profound and comprehensive reforms, they will in the future years to ensure GDP growth at high rates”, – said Aliyev.

According to him, the 2.2% is “a good indicator. Non-oil GDP growth was 3.5%. The growth of industrial production amounted to 1.5%, including the non-oil industrial production – 14%. The growth of the agricultural sector amounted to about 7%, inflation at 2.6%, the growth of nominal monetary incomes of 7.4%”.

Azerbaijan’s Currency reserves increased in 2019 to $6.4 billion and reached a record level of $51 billion Text: News.Economy