Central Bank keeps discount rate unchanged

Central Bank keeps discount rate unchanged
  • Clock-gray 08:50
  • calendar-gray 02 May 2017

According to CBA, current macroeconomic processes, measures for ensuring of macroeconomic stability and key macroeconomic risks were discussed at the meeting.

 

It was noted at the meeting that balance of payment tend to improve, better oil prices, increase of export, including non-oil export, as well as decline in quarterly import affected balance of payment positively. In this case, as at the end of 2017 positive balance is expected in foreign trade balance and current operations account.


Implementation of measures within the macroeconomic stability framework, including anti-inflationary conservative monetary policy played role in ensuring of macroeconomic stability.

 

Positive inclinations in balance of payment and extension of channels of currency supply in this condition strengthened manat rate, volatility in manat rate declined.  

 

During past three months, inflation rates were lower than January.

 

Taking into account the current situation and new macroeconomic inclinations, quickness in conduction of monetary policy increased. This situation allowed the supply of money to increase gradually without damaging macroeconomic stability.

 

Taking into consideration features and date of transfer of the stabilization measures to the decline of inflation, changes in macroeconomic risks map, CBA Management Board decided to keep discount rate and parameters of interest corridor unchanged. 

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