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Fitch Ratings has forecasted that the Central Bank of Azerbaijan (CBA) will not lower its policy rate this year, APA reports.
The agency noted that annual inflation rose to 4.9% in December, but this remains within the CBA’s target range (4%±2pps). Average inflation will increase from an estimated 2.1% to 5.3% in 2024, which is higher than the 3% projected for the “BBB” median.
“In May, the Central Bank stopped its policy rate easing cycle and we do not expect additional rate cuts, given the risks of external uncertainty, managed price increases, and domestic demand pressures from household and government consumption,” the report emphasized.
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