Azerbaijan's Central Bank increases discount rate to 3%

The Central Bank of Azerbaijan will increase the discount rate by 1 percentage point to 3% from November 1, 2010.

The decision on this was adopted at the meeting of CBA Board of Directors, today.

CBA took the mainly dynamics and expectation of macroeconomic indicators into accounts and increased the discount rate to 3%.

At the same time the attraction of foreign liabilities of banking sector to the minimum reserve at the level of 0.5% was decided at the meeting.