The Central Bank of Azerbaijan (CBA) has lowered the discount rate from 15% to 13% since February 12, said the Chairman of the Central Bank Elman Rustamov at a press conference.
"The level of average annual inflation in Azerbaijan has dropped to an unequivocal level, taking into account this and a number of other factors, the board of the Central Bank of Azerbaijan decided on Monday to reduce the discount rate from 15% to 13%," E.Rustamov said. In his words, besides this, the lower (up to 8% from 10%) and the upper (up to 16% from 18%) thresholds of the percentage corridor are lowered.
The head of the CBA noted the potential for further reduction of the discount rate. "This is possible if positive trends continue, such as maintaining low inflation, positive dynamics of foreign trade," he said.
The discount rate in Azerbaijan was not revised from September 15, 2016. The central bank expected to reduce the discount rate in 2017, but due to high average annual inflation (12.9% at the end of the year), this could not be done.
Meanwhile, according to the CBA, the level of rates is planned to be discussed again in April.
"The Central Bank will continue to monitor the situation in the economy and financial markets and act within the existing instruments.The parameters of the interest corridor will be discussed next time at the meeting in April," the report says.
The CBA believes that in 2018 the country will continue to have a positive dynamic of economic growth. "In 2017, the growth of non-oil GDP was 2.7% (growth of" total "GDP was 0.1%). Economic growth was due to the growth of government investment spending, the growth of non-oil exports," the press release says.

As a result of trades on February 9, the cost of the April contract for Brent crude on the ICE Futures exchange in London fell by $ 2.02 (3.1%) to $ 62.79 per barrel.
March futures for WTI on the New York Mercantile Exchange NYMEX fell $ 1.95 (3.2%) to $ 59.20 per barrel.
Today, oil prices are rising.
April futures for Brent crude increased by 55 cents (0.9%) - to $ 63.34 per barrel.
Quotes of the March contract for oil WTI went up by 65 cents (1.1%) and amounted to $ 59.85 per barrel.

The US dollar depreciates against the euro and the yen.
The Dollar Index, which tracks the fluctuations of the dollar against the basket of six major world currencies, declined 0.3% during trading. Last week, the indicator added 1.3%, which is its most significant rise since December 2016, according to FactSet.
The euro rose to $ 1.2285 compared to $ 1.2252 at the close of the previous session.
The exchange rate of the American currency to the yen fell to 108.7 yen versus 108.8 yen on Friday. The value of the euro to the yen rose to 133.58 yen compared to 133.30 yen in the previous trading.