(MENAFN- Trend News Agency) BAKU, Azerbaijan, March 28. The averageinterest rate on one-day unsecured transactions has been formedwithin the interest rate corridor, Trend reports.
According to the Central Bank of Azerbaijan (CBA), monetarypolicy instruments are used to neutralize the influence ofautonomous factors on monetary conditions.
"Open market operations and active use of tools provided bystanding facilities have ensured movement in the weighted averageinterest rates on transactions concluded between banks in thenational currency in the money market, both unsecured and secured,within the CBA's interest rate corridor.
The average interest rate for overnight unsecured transactions(1D AZIR) was 6.52 percent (6.29 percent in February) and hasformed within the interest rate corridor. Reforms continue towardsstrengthening the impact of money market interest rates on otherinterest rates, including deposit and lending rates," the CBAadded.
Meanwhile, the CBA lowered the refinancing rate from 7.75percent to 7.5 percent on March 28.
The upper limit of the interest rate corridor was reduced from8.75 percent to 8.5 percent, while the lower limit was keptunchanged at 6.25 percent.
The CBA's next decision on the interest rate corridor parameterswill be announced on May 1.
Stay up-to-date with more news at Trend NewsAgency's WhatsApp channel
MENAFN28032024000187011040ID1108031666
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.