BAKU, Azerbaijan, September 19. Azerbaijan’s Central Bank is expected to keep the refinancing rate unchanged, the Netherlands-based ING Group says.
“The Central Bank of Azerbaijan is likely to keep the refinancing rate unchanged at 6.50% at its upcoming policy meeting next Wednesday, as current CPI remains stable at 5.6-5.8%, within the borders of the target range of 4 ± 2%. That said, given the upward trend in global and regional inflation and rates, the tone of the commentary should become increasingly risk-focused, and hawkish guidance is not excluded as a possibility,” said the ING.
The Central Bank of Azerbaijan kept its refinancing rate unchanged at 6.5% at a Management Board meeting on July 31, 2026.
The CBA also left the parameters of its interest rate corridor unchanged, with the lower limit at 5.5% and the upper limit at 7.5%.
According to the central bank, the decision took into account actual and projected inflation dynamics, as well as developments in Azerbaijan’s domestic financial market.
The CBA noted that an upward revision to its inflation forecast would call for tighter monetary policy, while a significant excess of foreign currency supply over demand in the domestic foreign exchange market supported a more accommodative stance. The balance between these factors prompted the central bank to maintain the interest rate corridor parameters unchanged.
