BAKU, Azerbaijan, October 29. Azerbaijan’s banking sector recorded a structural liquidity surplus of 6.2 billion manat (around $3.6 billion) at the end of September 2026, up 2.2 times from December 2025, the Central Bank of Azerbaijan (CBA) said.
The figure excludes funds that banks are required to hold as mandatory reserves. Structural liquidity surplus is the difference between the CBA’s liabilities to the banking system and its claims on banks.
Against this backdrop, benchmark interest rates in the unsecured money market have tended to decline slightly, according to the Central Bank.
The average daily AZIR rate stood at 6.31% in August 2026, fell to 5.93% in September and reached 5.99% during the period elapsed in October.
The CBA said it applies monetary policy instruments based on developments in financial markets and liquidity conditions in the banking system.
"The Central Bank mainly uses seven-day deposit operations to manage liquidity. At the end of September, these operations accounted for 66.4% of the sterilization portfolio under open market operations," the statement said.
