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Azerbaijan May Cut Interest Rates Next Year, Central Banker Says

Dec. 12 (Bloomberg) -- Azerbaijan’s central bank, which cut borrowing costs this month, may ease monetary policy further in 2013 if the inflation rate remains low.

The regulator trimmed the benchmark refinancing rate to 5 percent from 5.25 percent on Dec. 7 to help stimulate growth in areas of economy outside the energy industry. Nine-month inflation slowed to 1.5 percent from 8.4 percent a year earlier, the State Statistics Committee said in October.

“Azerbaijan’s inflation rate has been very low this year,” central bank Chairman Elman Rustamov told reporters today in the capital, Baku. “If the trend continues, we may decide to cut the refinancing rate again next year.”

To contact the reporter on this story: Zulfugar Agayev in Baku at zagayev@bloomberg.net

To contact the editor responsible for this story: Hellmuth Tromm at htromm@bloomberg.net

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