BAKU, Azerbaijan, November 13. As a result of measures taken to improve the operational framework, the Azerbaijan Interbank Rate (AZIR) has approached the Central Bank’s policy rate, with the spread between the two reaching a minimum level, Trend reports via the CBA.
The bank reports that from the beginning of the year until the end of June, the average spread between the AZIR and the policy rate stood at 0.18 percentage points. However, over the period from July through September, this figure narrowed to 0.04 percentage points.
Throughout the first nine months of 2025, the Central Bank continued to regulate liquidity in the open market through auctions for notes with maturities of 28 (1 month), 84 (3 months), 168 (6 months), and 252 days (9 months). In total, the Bank held 118 note auctions, 30 for 28-day notes, 29 for 84-day notes, 30 for 168-day notes, and 29 for 252-day notes.
The volume of notes in circulation fluctuated depending on the liquidity of the banking system, reaching a peak of 744.2 million manat ($437.7 million) in August. By the end of September, the total volume of funds sterilized through notes stood at 622.4 million manat ($366 million).
The Bank also noted that, as part of improvements to the operational framework, the requirement for a minimum number of participants in note auctions was removed in February. The latest auctions recorded yields of 6.92 percent for 28-day notes, 6.94 percent for 84-day notes, 6.99 percent for 168-day notes, and 7.06 percent for 252-day notes.
The AZIR, or Azerbaijan Interbank Rate, reflects the average interest rate of short-term unsecured interbank borrowing and lending operations in the national currency.
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