Central Bank of Azerbaijan decided to keep refinancing rate unchanged

The Management Board of the Central Bank of Azerbaijan (CBA) decided to keep the refinancing rate unchanged at 6.5%, according to a statement.

The interest rate corridor ceiling was kept at 5.5%, and the floor at 7.5%.

"The decision was made considering the dynamics of actual and forecasted inflation and domestic financial market developments. The upward revision to the inflation forecast supports a tighter monetary policy stance on the one hand, the significant excess of foreign exchange supply over demand supports a more accommodative policy stance, on the other. The offsetting effects of these factors justify keeping the parameters of the interest rate corridor unchanged.

The Central Bank's decisions on the parameters of the interest rate corridor will remain data-dependent and will be based on the inflation outlook and the evolution of macroeconomic conditions. Given elevated uncertainty in the global environment, the Central Bank will continue to assess macroeconomic projections under alternative scenarios. In taking decisions on the parameters of the interest rate corridor, the Central Bank will take into account developments in the foreign exchange market and banking sector liquidity, while closely monitoring the persistence of appreciation pressures on the manat and the magnitude of excess foreign exchange supply," the CBA said.

The next decision on the interest rate corridor parameters will be made public on 23 September 2026.