The increase of the discount rate to seven percent in Azerbaijan isn’t deemed to be high compared to the previous discount rates, but if the Central Bank continues to raise the discount rate, this will affect the rates on deposits in national currency, Azerbaijani MP, economic expert Vugar Bayramov said, AzVision.az reports citing Trend.
Bayramov was commenting on the decision of the Board of the Central Bank of Azerbaijan (CBA) to increase the discount rate by 0.5 percentage points - from 6.5 percent to seven percent on October 29.
He noted that interest rates on loans may be decreased, as well.
“The policy of the Central Bank is to achieve a reduction of interest rates on loans," added the expert.
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