Azerbaijan central bank raises rates for fourth time this year as currency plummets

IMF calls for major banking reforms as oil and gas prices hit economy

national-bank-azerbaijan
Central Bank of the Republic of Azerbaijan

Azerbaijan's central bank raised its policy rate to 15% on September 9, the fourth hike this year, bringing rates to their highest level since 2008. The move was necessary to counteract a steep fall in the value of the oil and gas exporting country's currency, the manat, the bank said in a statement issued in Azeri.

Azerbaijan's currency has lost more than half of its official exchange rate over the dollar in 19 months, with its hydrocarbons-based economy sharply affected by global falls in oil

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