BAKU, Azerbaijan, May 6. Last week, the CBA cut the refinancing rate in half, from 7.5 percent to 7.25 percent, Trend reports.
While the floor for the interest rate corridor stayed at 6.25 percent, the ceiling was lowered from 8.5 percent to 8.25 percent.
"We took our decision after comparing the actual and expected inflation rates with the target rate (4±2 percent), after inflation expectations stabilized, and after changes in the risk balance were taken into account," the CBA commented.
In addition, the CBA revised its projections for inflation.
Annual inflation is projected to be 3.5 percent in 2024 and 4.2
percent in 2025, according to predictions made in April of this
year.
On top of that, the CBA predicted GDP growth of three percent for
2025 and 3.5–4 percent for this year.
AccessBank secured a $5 million loan from Swiss ResponsAbility Investment AG.
The bank signed a credit agreement with two funds managed by ResponsAbility for amounts of $3 million and $2 million, respectively, with a term of three years.
One of the bank's priority areas of activity, microcredit financing, will benefit from the funds raised.
Additionally, TuranBank opened a correspondent account in US dollars at Habib American Bank. As part of the cooperation, TuranBank will open a correspondent account in US dollars at HAB Bank, which is considered one of the leading banks in the field of international payments and settlements in the US, providing its clients with more convenient and faster foreign currency operations.
This agreement between TuranBank and HAB Bank aims to develop international money transfer services, expand international settlement activities, and strengthen the bank's position in the global financial arena.
Additionally, Azerbaijan's Rabitabank OJSC and the International Islamic Trade Finance Corporation (ITFC) signed an agreement for the development of the private sector amounting to $15 million.
The agreement entails creating commercial financing mechanisms to meet the diverse needs of private sector clients, as well as supporting small and medium-sized businesses in accordance with Islamic financial principles.
The Asian Development Bank (ADB) aims to achieve a sustainable future for the South Caucasus.
Furthermore, the Head of the European Bank for Reconstruction and Development (EBRD) Office in Azerbaijan, Nataly Mourivadize announced the bank's plans to boost investments in the country.
Mouravizde also assured that the plans for further expansion of EBRD's investment activities in Azerbaijan remain unchanged, confirming the strategic partnership between the bank and the country in the field of economic development.