BAKU, Azerbaijan, September 21. The Central Bank of Azerbaijan (CBA) will announce its next decision on the parameters of the interest rate corridor on September 23, 2026, according to CBA's statement.
The bank noted that decisions on the interest rate corridor for the remainder of the year will also be made taking into account the inflation outlook and the dynamics of macroeconomic indicators.
“Taking into account uncertainties in the global environment, forecasts of macroeconomic indicators under several scenarios will be considered. When making decisions on the parameters of the interest rate corridor, developments in the foreign exchange market and liquidity dynamics in the banking sector will also be taken into account. In particular, the persistence of appreciation pressures on the manat exchange rate and the scale of the foreign currency surplus will also be monitored when making decisions,” the statement said.
On July 31, the Board of the Central Bank of the Republic of Azerbaijan decided to keep all parameters of the interest rate corridor unchanged. The refinancing rate was kept at 6.5%, while the lower and upper bounds of the interest rate corridor were set at 5.5% and 7.5%, respectively.
Analysts at Dutch banking group ING also expect the CBA to keep its refinancing rate unchanged at 6.5% at its upcoming meeting. According to an ING analytical review, current inflation in Azerbaijan has stabilized at 5.6–5.8%, within the CBA’s target range of 4% ± 2%.
At the same time, ING analysts said that amid rising inflation and interest rates at the global and regional levels, the CBA may pay greater attention to inflation risks in its upcoming statements. The bank also does not rule out the possibility that the regulator could give more hawkish signals regarding its future monetary policy.
