Rustamov explains Azerbaijani rate move

An increase in interest rates from 13% to 14% on 10 April will not have a direct impact on banks' rates, according Elman Rustamov, the chairman of the National Bank of Azerbaijan.

The decision to raise rate is a signal for banks about the increase in the cost of money in the country, Rustamov said. But, the increase "will not have an impact on the volume of bank credit "as the share of centralised credit resources in overall bank crediting is insignificant."

But, Rustov said, the rate hike will