The Central Bank of Azerbaijan's management board held a meeting recently to discuss the country's economic growth in the first half of this year.
According to a press release from the central bank, the board said the economy has continued its dynamic growth pattern, with national income and welfare improving in the first six months of 2014.
Economic growth was 2.1 percent in the first half, with a seven percent increase in the non-oil economy. Inflation in the period dropped to 1.6 percent.
Consequently, in order to further stimulate economic growth, the board decided to reduce the refinancing rate to 3.5 percent from 4.25 percent effective July 30. The interest rate corridor also underwent changes, with the ceiling shifting from six percent to five percent and the floor moving from 0.5 percent to 0.1 percent.
At the same time, reserve requirements on all bank deposits have dropped from three percent to two percent.
- National Bank of Ukraine removes restrictions on foreign-currency transactions, investment metals
- Black Sea Trade & Development Bank visits Azerbaijan to boost business relationships
- VTB Bank finances three new planes for SunExpress airline
- National Bank of Ukraine makes it easier for businesses to invest abroad
- National Bank of Ukraine eases lending regulations for deposit guarantee funds to other banks
- Black Sea Trade and Development Bank, Russian Federal Corp. for SMEs support business growth
- Oleg Demidov named commercial director for Rosbank Factoring
- Eurasian Development Bank sells bonds on Kazakhstan Stock Exchange
- EY World Entrepreneur of the Year event to name world's top entrepreneur
- ACBA-CREDIT AGRICOLE, Microsoft parter for Armenian digital business technology seminar