Azeri Central Bank Raises Main Rate to 15% in Emergency Increase
This article is for subscribers only.
The Azeri central bank raised its main interest rate for the fourth time this year to the highest since 2008 as it struggles to restore trust in the national currency after two devaluations in 2015.
The benchmark was increased to 15 percent from 9.5 percent, effective on Sept. 14, according to an e-mailed statement on Friday. The upper end of its rate corridor will increase to 18 percent and the lower bound will rise to 12 percent, it said.