Azerbaijani manat rate greatly decreased only twice over past 25 years

By Trend

Azerbaijani manat rate has greatly decreased only twice over the past 25 years, chairman of the Central Bank of Azerbaijan (CBA) Elman Rustamov told reporters in Baku during an event dedicated to the 100th anniversary of the CBA, Trend reports.

“During the reporting period, the average annual inflation rate amounted to about five percent,” he said. “The rates of the national currencies decreased up to 10 times in neighboring countries during this period.”

“The bank obtained the transmission as a result of a decrease in the discount rate in the country,” Rustamov said. “The issuance of business loans except for consumer loans depends on the interest rate set by the CBA.”

"The interest rates on deposits, as well as the yield of the state securities vary to a certain extent depending on the discount rate,” he said. “The direct impact can be assessed when the CBA passes to the inflation targeting.”