The average daily level of the Azerbaijan Interbank Rate (AZIR) index stood at 6.47% in March and 6.44% in April of this year. These figures reflect the current dynamics of the unsecured interbank money market in Azerbaijan.
According to the Operative Information Center-OMM, citing the Central Bank of Azerbaijan, the application of monetary policy instruments is regulated based on processes in financial markets and liquidity indicators within the banking system. The regulator noted that short-term interest rates in the unsecured money market are formed within the central bank's interest corridor, maintaining a level close to the discount rate.
The AZIR index serves as a key benchmark for the cost of short-term liquidity among commercial banks in Azerbaijan. By monitoring these rates, the Central Bank aims to ensure price stability and manage inflation through the effective transmission of monetary policy. The slight decrease from March to April indicates a stabilization of liquidity conditions within the domestic financial environment as the regulator continues to fine-tune its interest rate corridor to align with broader economic objectives.
