The Central Bank of the Republic of Azerbaijan (CBA) raised its discount rate by 25 basis points to 6.50 percent, pushing up the lower limit of its interest rate corridor to 6.0 percent and the upper limit to 7.0 percent.
It is CBA’s first rate hike since September 2016 when the rate was raised to 15.0 percent.
From February 2018 CBA embarked on a monetary easing cycle and cut the rate 17 times and by a total of 8.75 percentage points. This includes 5 cuts last year in response to the COVID-19 pandemic by a total of 1.25 percentage points, most recently in December last year.
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