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.
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