OREANDA-NEWS. February 11, 2013. The Central Bank continues the monetary policy aimed at macroeconomic stability. In 2012 average annual inflation declined considerably and made 1.1%, the exchange rate of manat remained stable, reported the press-centre of CBA.

The stable exchange rate and lower inflation compared to trade partners ensured positive pass-through of the REER of manat to the competitiveness of the economy.

Given a low level of inflation, growth rate of money supply, as well as priorities for diversification of the national economy, Management Board of the Central Bank decided to reduce the refinancing rate to 4.75% from 5% from 11 February 2013 onward.