April 9, 2018 / 1:14 PM / in 7 months

CORRECTED-Azeri central bank says there is room for further rate cuts

(Corrects forecast for reserve growth in second paragraph)

BAKU, April 9 (Reuters) - Elman Rustamov, the governor of Azerbaijan’s central bank, said on Monday there was room for further rate cuts after the bank cut its refinancing rate to 11 from 13 percent.

Rustamov told reporters at a briefing that the central bank expected a significant current account surplus by the end of 2018 by which point the country’s total forex reserves could rise by $8 billion.

He said the current rate of the manat made it possible for the central bank to normalise monetary policy, adding that there was scope to make monetary policy close to neutral by June. (Reporting by Nailia Bagirova Editing by Andrew Osborn)

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