June 7, 2019 / 8:35 AM / 2 months ago

UPDATE 1-Azerbaijan's central bank lowers refinancing rate to 8.50%

(Adds details)

BAKU, June 7 (Reuters) - Azerbaijan’s central bank said on Friday it had cut its refinancing rate to 8.50% from 8.75% as inflation expectations are stable.

The central bank also adjusted its rate corridor, setting a lower boundary of 6.5% and an upper boundary of 10.5%, compared with 6.75 and 10.75% before.

“Due to the stability of inflationary expectations, favourable external conditions and the update of macroeconomic forecasts in the country, the central bank decided to reduce the rate to 8.5%,” the bank said in a statement.

It did not change its annual inflation forecast of 4% with a possible fluctuation of 2% for this year.

The country’s currency reserves rose by 6.2% in the first five months of 2019 to $47.5 billion, the bank said.

Real economic growth in January-April was 2.1%, while the trade balance was in surplus by $2.5 billion.

The bank is due to hold its next policy meeting on July 26. (Reporting by Nailia Bagirova; Writing by Margarita Antidze; Editing by Catherine Evans)

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